Alberta Finance Minister Travis Toews delivers the 2021 budget in Edmonton on Thursday, Feb. 25, 2021. THE CANADIAN PRESS/Jason Franson

Alberta Finance Minister Travis Toews delivers the 2021 budget in Edmonton on Thursday, Feb. 25, 2021. THE CANADIAN PRESS/Jason Franson

Alberta finance minister defends $1.3B loss on Keystone XL as ‘calculated decision’

Toews says pipeline would have provided $30 billion over two decades had it gone through

Alberta’s finance minister says the province’s $1.3-billion investment of taxpayers money in the now-defunct Keystone XL pipeline project was a prudent gamble given the potential payoff in profits and jobs.

Finance Minister Travis Toews says it was a “calculated decision,” given the pipeline would have provided $30 billion in royalties over two decades had it gone through.

Energy Minister Sonya Savage says the decision meshed with a broader commitment to grow Alberta’s wellspring industry.

Both were responding to questions from NDP critic Joe Ceci in the Alberta legislature a day after the project was officially cancelled by TC Energy.

Ceci characterized the decision as an irresponsible gamble given that the multibillion-dollar cross-border pipeline was already in jeopardy when Alberta decided to invest in it early last year.

Around that time, the project faced multiple court challenges and the emerging U.S. Democratic party candidate, now President Joe Biden, promised in his election campaign to cancel it.

—The Canadian Press

RELATED: Does Canada need another pipeline, feds ask days after Biden cancels Keystone XL

Keystone XLoil & gasPipeline

Just Posted

Jill Mackenzie carefully replaces books on the shelves at the Houston Public Library. (Angelique Houlihan photo)
District approves annual library grant

Craft kits featured for summer reading club

The tradition of Houston Christian School grads giving Bibles to incoming kindergarten students will take place this year, but outdoors and in a modified fashion. (File photo)
Houston Christian School grad day is June 24

Grads themselves have set tone for the day, says teacher

Scott Richmond will be starting as the new vice principal for HSS and TSE. (Submitted/Houston Today)
Houston gets a new vice principal

Scott Richmond takes over from Dwayne Anderson who moved to Smithers

A Pacific Salmon Foundation grant of $3,000 is going towards the tree plantations. (Cindy Verbeek photo/Houston Today)
550 trees planted in Houston through A Rocha

Houston Christian School students and volunteers help with the tree planting

Currently the Houston station has 16 paramedics, two ambulances and one community paramedic vehicle. (File photo)
Retirement of longtime paramedics worries Houston community

“No loss of service,” assures BC Emergency Health Services

People watch a car burn during a riot following game 7 of the NHL Stanley Cup final in downtown Vancouver, B.C., in this June 15, 2011 photo. THE CANADIAN PRESS/Geoff Howe
10 years ago: Where were you during the 2011 Vancouver Stanley Cup Riots?

Smashed-in storefronts, looting, garbage can fires and overturned cars some of the damage remembered today

(Black Press Media file)
Dirty money: Canadian currency the most germ-filled in the world, survey suggests

Canadian plastic currency was found to contain 209 bacterial cultures

(pixabay file shot)
B.C. ombudsperson labels youth confinement in jail ‘unsafe,’ calls for changes

Review states a maximum of 22 hours for youth, aged 12 from to 17, to be placed in solitary

Eleonore Alamillo-Laberge, 6, reads a book in Ottawa on Monday, June 12, 2017. THE CANADIAN PRESS/Sean Kilpatrick
Parents will need to fight ‘COVID learning slump’ over summer: B.C. literacy experts

Parents who play an active role in educating their children this summer can reverse the slump by nearly 80%, says Janet Mort

The border crossing on Highway 11 in Abbotsford heading south (file)
Western premiers call for clarity, timelines on international travel, reopening rules

Trudeau has called Thursday meeting, premiers say they expect to leave that meeting with a plan

The B.C. government’s vaccine booking website is busy processing second-dose appointments, with more than 76 per cent of adults having received a first dose. THE CANADIAN PRESS/Jonathan Hayward
B.C.’s COVID-19 infections, hospitalizations stable for Tuesday

108 new confirmed cases, 139 in hospital, 39 in intensive care

A worker, at left, tends to a customer at a cosmetics shop amid the COVID-19 pandemic Thursday, May 20, 2021, in Los Angeles. (AP Photo/Marcio Jose Sanchez)
Half of cosmetics sold in Canada, U.S. contain toxic chemicals: study

Researchers found that 56% of foundations and eye products contain high levels of fluorine

White Rock’s Marine Drive has been converted to one-way traffic to allow more patio space for waterfront restaurants. (Peace Arch News)
Province promotes permanent pub patios in B.C. post-pandemic plan

More than 2,000 temporary expansions from COVID-19 rules

Most Read