Canada’s $670 Billion Exodus: Trudeau’s policies BLAMED for resource project wipeout
Dozens of major energy projects scrapped under Liberal rule, thanks to anti-oil legislation and regulatory overreach, have sparked calls for revival amid economic and geopolitical pressures.
Since Prime Minister Justin Trudeau took office in 2015, Canada has lost an estimated $670 billion in resource investment due to the cancellation or shelving of major oil, gas, and energy projects, according to a report from Energy Now Media.
Critics argue that the Trudeau government’s hostile stance toward oil and gas, combined with crushing regulatory policies, has driven away capital and stifled development.
An Estimated $670 Billion of Investment Lost in Ditched Resource Projects Since Trudeau Became Prime Minister pic.twitter.com/XK4U9JDnJ4
— Sheila Gunn Reid (@SheilaGunnReid) January 30, 2025
Key legislation blamed for these losses includes Bill C-69, dubbed the "No More Pipelines" bill, which drastically expanded federal environmental assessment requirements, making approvals for major projects slow and unpredictable.
An Estimated $670 Billion of Investment Lost in Ditched Resource Projects Since Trudeau Became Prime Minister pic.twitter.com/XK4U9JDnJ4
— Sheila Gunn Reid (@SheilaGunnReid) January 30, 2025
The bill was so controversial that Alberta Premier Danielle Smith called it a “wrecking ball” for the energy industry. In 2023, the Supreme Court ruled parts of the bill unconstitutional, but much of the damage was already done.
REPORTER: Why do you keep calling it the No More Pipelines Act?
— The Counter Signal (@TheCounterSgnl) October 13, 2023
DANIELLE SMITH: I said it has been called that. I call it the Don't Build Anything Anywhere Anytime Act. pic.twitter.com/Uof4qThK6O
Another major blow to the industry was Bill C-48, which banned oil tanker traffic along the northern coast of British Columbia, effectively killing the Northern Gateway pipeline, a multi-billion-dollar project that would have connected Alberta’s oil sands to global markets.
Meanwhile, the now-defunct Energy East pipeline—designed to transport Western crude to Eastern refineries—was abandoned amid rising regulatory hurdles and shifting political priorities.
The Trudeau government's 'No More Pipelines' act was ruled unconstitutional today by Canada's Supreme Court.
— Rebel News (@RebelNewsOnline) October 13, 2023
"Today, I'm pleased to say that Alberta is once again open for business," says Premier Danielle Smith in response to the news.https://t.co/PHR7jF0Tzk pic.twitter.com/vDjh6ORb1N
At the same time, the Trudeau government has doubled down on carbon taxes and emissions caps, policies that industry experts say deter investment. Canada’s LNG sector, once poised to be a global leader, has fallen behind competitors like the U.S. and Australia.
With rising concerns over energy security, economic stagnation, and U.S. trade threats, calls to reverse these policies are growing. Premiers, industry leaders, and Indigenous groups are pushing for a revival of key projects, arguing that Canada must stop self-sabotaging its own resource wealth.
Source: Rebel News
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