Mr. Speaker, before I begin, I would like to say that I will be sharing my time with the hon. member for Vaughan—Woodbridge. I thank the hon. member for Central Okanagan—Similkameen—Nicola for the motion we are debating today. Unfortunately, the motion has so many false claims and false premises that it is hard to know where to begin.
Still, I would like to start with the first part of the motion on the energy sector and Bill C-69. We know that the Conservatives' approach undermined Canadians' confidence in how major resource development projects are assessed and reviewed. It was a failed approach that called for the comprehensive solution proposed in Bill C-69, which restores the balance between economic opportunities and environmental stewardship. Under this bill, good projects can move forward, which builds confidence among investors and Canadians.
That is one of the many reasons I will be voting against today's motion. This motion would bring us back to a time where some believed that it was acceptable to ignore public concerns, environmental protections and indigenous rights. Those days are over, but the impact of those failed policies is still felt today, especially with the price differential for oil, which is so harmful to western Canada.
That is critically important to remember. The motion does not mention it, but our government inherited a flawed review system that led to projects going before the courts rather than getting shovels in the ground. That is why our government has been taking steps since day one to ensure that good projects that improve market access move forward.
That is precisely why we have supported the Keystone XL project and approved the Line 3 replacement pipeline. It is also why we are helping producers build up refining capacity here in Canada, and why last month, in the fall 2018 economic statement, we announced major tax incentives for refiners and upgraders. It is also why the Minister of Natural Resources has written to the National Energy Board about ways to maximize existing pipeline capacity. Of course, it is why our government purchased and invested in the Trans Mountain expansion project, a $4.5-billion investment in Alberta's energy sector.
Today's motion is conveniently silent on all of those points. However, Canadians know that our government is a staunch supporter of Alberta's energy sector and that we have been since the day we took office. We are committed to developing Canada's resources the right way.
Now, to be fair, on the oil price differential, there are a number of factors behind the perfect storm that caused the almost unprecedented price discount. For example, there was a temporary drop in demand of over 900,000 barrels a day for Canadian oil when a number of refineries in the American Midwest were offline. That came as increased oil sands production was outpacing Canada's capacity to transport and export additional barrels.
As the Prime Minister said, all of these factors combined to create the crisis that continues to hang over the heads of Canadian oil workers. Albertans are suffering. They are worried about their future. In response, the Government of Alberta announced that it would reduce the province's oil production by 325,000 barrels a day as of January 1. We recognize that the province made this important decision in the interests of Albertans, and we share their frustration over the unacceptable price differential.
We have also made it clear that we cannot go on like this, because when Alberta suffers, all of Canada suffers. However, this price differential cannot be put down to chance or an unfortunate coincidence. One reason the withdrawal capacity is currently lacking is because of the Canadian oil sector's lost decade, a whole decade of inaction, when 99% of our oil exports were still going to the United States. Once again, there is no mention of this in the opposition's motion. Instead, the Conservatives' motion would repeal Bill C-69 in favour of their failed approach.
As we often say on this side of the House, our government came to office to do things differently, to do different things, to get the hard work done for Canadians.
Central to that was restoring confidence in impact assessments, improving transparency and enhancing public participation through project reviews, all of it reflected in our proposal for a single, integrated and consistent process, a process that would include the specialized expertise of federal regulators and a new Canadian energy regulator. That is important and, frankly, overdue. While the National Energy Board has served Canadians well, its structure, role and mandate have remained relatively unchanged since it was created in 1959.
Bill C-69 would replace the NEB with a new regulator that would have the required independence and the proper accountability to oversee a strong, safe and sustainable Canadian energy sector in the 21st century.
The new Canadian energy regulator would provide: a more effective governance model; greater certainty and timelier decisions; more public consultation; better indigenous engagement; and stronger safety and environmental protections. This new approach would also help to diversify Canada's energy markets, expand our energy infrastructure and drive economic growth. How? By ensuring that good resource projects would get built in a timely, predictable and transparent way.
Bill C-69 would actually tighten those timelines, eliminate overlap among review panels and make government more accountable.
Bill C-69 is part of our broader plan for moving Canada's resource sectors forward the right way, creating good jobs and real opportunities for all Canadians. Again, the motion ignores that larger context.
The motion ignores the fact that private industry is onboard with our plan. Across the world we are seeing companies take the lead in tackling climate change. For instance, Shell announced yesterday that it planned to link executive salaries to emission targets as part of its efforts to cut the net carbon footprint of the energy it sold.
Today's motion ignores the progress that the private sector is making. It ignores the generational investments we are making to drive innovation and support clean technologies in the resource sectors, including Canada's oil and gas industry.
The motion also ignores the new free trade agreement signed with the United States and Mexico this past weekend, which will greatly benefit Canada's energy sector. It increases Canada's competitiveness and investors' confidence. It will save Canada's oil sector more than $60 million a year in administrative and other expenses. Once again, the motion says nothing about that.
The motion also does not mention the 2018 fall economic statement, which responded directly to the recommendations of the economic strategy tables and the joint working group on the future of Canada's oil and gas sector, as well as industry comments from companies in Canada and abroad. They all called for measures to improve tax competitiveness and develop innovative, modern, flexible regulations to help companies grow.
We listened, and we took action. I am proud of our government's efforts. Bill C-69 is a key element. We are developing better rules for a better Canada. We are proving once again that our government is a strong supporter of Canadian resource workers.