Madam Speaker, anybody who believes this mine was cancelled for market reasons is dreaming in Technicolor.
Let us look at the facts. The company invested $1 billion over 10 years. Companies do not make 30- or 40-year investments based on the daily price of crude oil. They know that prices fluctuate day to day, and they are not going to cancel a 30- or 40-year project on the spot price of West Texas Intermediate. The company knew the basic price of oil since 2014, when it originally dropped. That is not new information.
What changed the company's decision was that the government allowed for lawlessness to erupt like a volcano across the country, while imposing excessive regulatory delays. Since July, the government had a recommendation from the regulator to approve it. Until present, it had not done so. The company got the message that Canada was an inhospitable place in which to do business, and the Prime Minister got exactly what he wanted, which was the cancellation of this massive project.