Starboard Commercial Real Estate

Hans Hansson | October 11, 2011

A couple of weeks ago, I attended our TCN National Convention of independent real estate firms from around the world. Over and over again I heard stories of how and why our government is to blame for lack of job creation and another potential recession due their policies and delays. After speaking to our Calgary, Canada affiliate, I was stunned to learn about a project that could create 118,000 jobs in the United States tomorrow but is currently stalled for no apparent reason.

The project is The Trans-Canada Pipeline and if allowed to come to fruition, will bring oil from the old sands of Canada down to our gulf. Currently, the gulf refineries main oil supplier is Venezuela; the oil reserves in Canada could be as large as the entire reserve in Saudi Arabia. All of the steel needed to build the pipeline has been made; now, the only thing needed to create 118,000 jobs and oil-flow from a friendly neighbor is the signature of President Obama. Both the Obama administration and the media have been silent regarding this issue. In addition, it fails to be a major issue grasped by the current contenders for the GOP nomination for President. Why is this?

Initially, environmentalists raised red flags on issues ranging from how the oil would be extracted from sand to possible oil leaks that could create major environmental problems. More extreme opponents believe that we shouldn't expand any oil production programs that would move our country away from the development of alterative energy sources. Yet, with two full environmental reports assuring that the pipeline is safe, still no politician seems interested in putting the pressure on for this agreement to be signed and the pipeline to be built. Some feel that the problem rests in last year's BP oil disaster and no public figure wants to put their public stamp of approval on such a project despite the limited risks.

Most concerning to me was that when speaking to my Calgary counterpart, I discovered that the Canadians are already speaking to the Chinese about this oil reserve. Chinese investment in Canadian oil companies, both directly and indirectly, has been growing very rapidly. If the United States does not move quickly to sign this agreement we stand not only lose a great source of oil but 118,000 jobs as well.
Posted 7 years, 8 months ago on October 11, 2011
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