Mr. Speaker, Bill C-69 is the latest monstrosity to come out of the Liberal government, a bill that will cripple Canada's energy industry and eliminate tens of thousands of good-paying jobs across communities in Canada, particularly in my home province of Alberta. This entire process is yet another concession made by the Liberal government to radical environmental groups that will not stop until Canada's oil and gas industry is eliminated.
I reject the argument that Canada's National Energy Board was not capable of making independent decisions based upon critical public evidence and public interest. Canada's environmental assessment process is among the best in the world, because for generations, Canadians have placed a high emphasis on environmental stewardship and responsible energy development. This symbiotic relationship has allowed Canada to be innovative with environmental regulation and solutions. Our energy industry as regulated under the National Energy Board has resulted in such benefits as hundreds of billions in investments, tax revenue, jobs, and long-term prosperity in our country.
The new Liberal environmental review process threatens that foundation and our long-term prosperity. In fact, we are already seeing that happen today. Our oil prices have doubled over the past year and yet Bloomberg reports that in 2017, foreign direct investment dropped by 27%. This is primarily due to the toxic political environment that has scared away investment from Canada's energy sector.
The always shifting goalposts of the Liberals' social licence requirements are dictated by a United States funded radical environmental lobbies. They are not acting in our country's interests; they are acting in their own self-interest. While Canada appears to have been assigned to the role of a national park for the enjoyment of Americans, the United States has pushed forward with groundbreaking LNG projects and a rapidly expanding export market for shale petroleum. Canada is a hostage to American interests as our lifeblood flows down into America at a dramatic discount, only to be repackaged on American tankers at a premium market price. Canadians are doing the work and we are letting Americans get all the profits.
We live in an age of globalization and our decisions affect our neighbours. However, the Liberals have gone too far and I do not believe that other countries have the right to interfere in our energy regulation. Would the Americans, the Chinese, or the Russians entertain delegations from Canada that opposed their energy development? Never, and yet the Liberal government has eliminated the standing test, which allows only those with a direct connection to the project to have a say. Allowing foreign citizens and foreign interests to influence our energy industry policies and whether or not our regulators will allow infrastructure to be built is an attack on Canadian sovereignty.
In closing, Bill C-69 undermines our nation. It would consign us to the status of a national park for the enjoyment of people around the world, to the detriment of Canadian citizens, people who need jobs and the prosperity and stability that is created by a responsible energy sector.
It is time for the Liberals to go back to the drawing board and create policies and regulations that will actually get shovels in the ground so that our critical LNG and pipeline projects can get the support they deserve.