The Balance Between Environmental Risk And Economic Benefit

1103 WordsDec 2, 20165 Pages
THE BALANCE BETWEEN ENVIRONMENTAL RISK AND ECONOMIC BENEFIT: TRANSCANADA’S ENERGY EAST PIPELINE Canada is well-known for having one of the world’s largest oil reserves. But did you know that Canada also has the third largest total length of pipelines (CIA, n.d.)? Why would anyone want to add on to that already vast network? However, that is what TransCanada and many other pipeline corporations propose we do. In this essay, I am going to analyze the recent conversation surrounding the proposed creation of TransCanada’s Energy East pipeline. TransCanada’s Energy East pipeline would take crude oil from Alberta’s oil sands and transport it across the country to a refinery in Saint John, New Brunswick. Some of the oil would then be loaded onto marine tankers in Saint John and shipped overseas to Asian markets. With a construction cost of around $15.7 billion, Energy East would become North America’s largest oil pipeline, capable of carrying 1.1 million barrels of oil per day (TransCanada, 2016). This would make a significant impact on Canada’s economy, as the pipeline is expected to create thousands of jobs and increase Canada’s gross domestic product by $55 billion (TransCanada, 2016). Furthermore, it may reduce energy prices in Atlantic Canada, as they would no longer have to pay the premium for foreign resources (Canadian Press, 2016). However, recently there has been a strong opposition to the pipeline especially in Montreal and the surrounding region. The mayor of
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