Our first Credible Conversations forum was held on May 29th at the Creekside Community Centre in Vancouver. Over 100 business leaders, entrepreneurs, politicians, First Nations representatives and BC residents came together to discuss the economic risks of pipeline expansion and explore how to build a more diversified economy here on the west coast. Over the next few days, we will be posting videos, photos and presentations from the forum here on our blog.
Will BC businesses benefit from new oil pipelines?
The first experts’ panel explored the economic impact of oil pipeline development on the province’s economy as a whole.
Moderated by Mandy Nahanee from the Squamish Nation, panelists included Karen Campbell, a staff lawyer with Ecojustice, Wes Regan, CEO of the Hastings Crossing Business Improvement Association, and Ngaio Hotte, an economist with the UBC Fisheries Economics Research Unit.
Watch the full discussion here:
And here are the slides used by Ngaio Hotte in her presentation. A more detailed analysis can be found on the UBC Fisheries Economics Research Unit “talking fish” blog.
On Tuesday February 26, CRED released a report highlighting the risks of Kinder Morgan’s proposed Trans Mountain pipeline. In addition to pulling together the most important data about the project’s background, Kinder Morgan’s safety record, and potential impacts of a spill, our group uncovered some of the project’s main economic risks. Some of our key findings:
Jobs: The proposal would create 35 permanent jobs. And oil spill would put at risk industries that together employ over 200,000 people locally including tourism, film and TV, real estate, high tech, agriculture and coastal industries.
Tax revenues: The expansion would not make a significant contribution to provincial tax revenues.
Liability: In the case of a major spill, taxpayers would likely be responsible for the burden of costs, as a company’s liability is limited to $1.3 billion and a major spill could easily cost ten times this amount.
Some of CRED’s advisors highlight the most concerning elements of the report here:
Read or download the full report to learn more about the risks we uncovered.
Thanks to chilliwack360 for the image we used in the banner
CRED’s founders explain how they came together, why they have serious concerns about Kinder Morgan’s proposal, and how they hope to spark a new conversation about energy in BC:
Kinder Morgan’s new pipeline isn’t the only proposal on the table in Canada. Today’s article in the Globe and Mail highlights the six main pipelines under review or planned for the future. Here’s what they say about Trans Mountain:
Proponent: Kinder Morgan
Volume: 590,000 barrels per day (current pipeline is 300,000 barrels per day; expansion will take it to 890,000)
Destination: Burnaby, B.C., home of Kinder Morgan’s Westridge Marine Terminal, where smaller tankers would take Canadian oil primarily to California, although Asian shipments are also possible
State of play: Kinder Morgan is mid-way through an application asking the National Energy Board to approve commercial tolls for the project. A formal application seeking authority to build the expansion is expected later this year.
Decision expected: Depending on when Kinder Morgan applies, the regulatory review could be completed by 2015, with construction starting in 2016 and operations commencing in 2017.
Opposition: Local forces have begun to marshal against the project, including some first nations and the mayors of Burnaby and Vancouver. British Columbia’s provincial leaders – Premier Christy Clark and Adrian Dix, the NDP Leader expected to gain power this year – have not yet made public their thoughts on the expansion.
Pipe dream: TransMountain hopes its route to approval will be less contentious than the Gateway brouhaha, but the line ends at the waterfront near Vancouver and there is much local opposition to the increased tanker traffic it would bring. 50-50, at best.
Read the whole article
Kinder Morgan announced today that, due to demand from shippers who want to move products from the oil sands to the coast, they are proposing to expand their Trans Mountain route by 20% more than previously stated. Instead of increasing the pipeline’s capacity to 750,000 barrels per day (current capacity is 300,000) they are now proposing to expand it to at least 890,000 barrels per day. Correspondingly, tanker traffic in Burrard Inlet would rise from 60 tankers per year to over 400 under this new proposal. Although Kinder Morgan has stated that they do not require this scale of export to go ahead with their expansion, some economists, including former head of ICBC Robyn Allen, have claimed that an expanded Trans Mountain route could accommodate up to 1.1 million barrels per day.
More information about the announcement