Witness the overall demise of fossil fuel pipelines, thanks in part to the hard work of amazing activists, and in part to the fact that the value of these pipelines is dropping fast, which in turn, can be attributed in no small part to the hard work of amazing activists. And now, the latest:
TransCanada scraps controversial Energy East Pipeline project
TransCanada Corp. has pulled the plug on its controversial $15.7-billion Energy East Pipeline proposal, after slowing oil sands growth and heightened environmental scrutiny raised doubts about the viability of the project.
In a terse statement Thursday morning, TransCanada said it has reviewed the “changed circumstances” and would be informing the National Energy Board that it would no longer proceed with the project, including the related Eastern Mainline, a natural gas pipeline that complemented the crude-carrying Energy East.
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I would like to think it isn’t just (or primarily) political activists doing this, but fears for future oil demand driven by the growing electric vehicle juggernaught. One can join in this change by considering an electric or plugin car for your next vehicle. Once oil companies get the message (and I don’t think they are not being willfully blind when they determine how to spend money), investments in future capacity will plummet.