At first glance, the National Energy Board’s thoroughness of the review the Enbridge Northern Gateway pipeline project might seem comforting, but with conditional approval of the project, British Columbians have serious reason to be concerned — particularly as Kinder Morgan has now also submitted its application to expand the capacity of the Trans Mountain Pipeline.
What makes these proposals particularly problematic are the significant economic and environmental risks that we face in the Greater Victoria area, and in B.C. more generally, should a spill occur.
B.C. is projected to receive about $1.2 billion in tax revenue from the Northern Gateway pipeline over the span of 30 years — only $40 million a year toward a $44-billion provincial budget. Yet, according to the University of B.C. Fisheries Economic Research Unit, the economic cost of a single major tanker spill is estimated between $2.4 billion and $9.5 billion — from two to eight times more than the total 30-year economic benefit of the pipeline.
Read the full article from the Times Colonist.