Eagle Spirit will kick start economy, employing tens of thousands

With Keystone XL commencing construction of its pipeline, following a $1.5 billion investment by the Alberta government, another project seeks to impress with its commitment to responsible resource development.

The Eagle Spirit Corridor Project, consisting of two oil pipelines and two natural gas pipelines, would deliver Canadian energy to Asian markets through a port north of Lax Kw’alaams, B.C. Its benefits are immense.

While the Keystone XL addition is expected to create 7,000 jobs, 5,600 which are in construction, Eagle Spirit will create tens of thousands more jobs. Approximately 130,000 in construction and 34,000 permanent positions, according to a Facebook post by Calvin Helin. That could rise to as much as 170,500 permanent positions if production doubles in the Western Canada Sedimentary Basin – Canada’s major crude oil-producing region.

Helin, who serves as president and chair to Eagle Spirit pipeline, represents an Indigenous-led effort of 35 communities looking to build an energy corridor. 

With $525 billion in capital investment in the project, $6.5 billion and $17.5 billion will be generated annually in corporate income taxes and royalties, respectively. The West Texas Intermediate (WTI) price of oil dictates those going rates, as does the volume of hydrocarbons produced, the industry average of capital costs for each individual oil and gas well, and capital costs to begin production for oil sands projects. That information was not made available at the time of publication.

Today, the WTI stands at roughly $26/barrel, an increase of nearly $2.50/barrel from yesterday.

With a negative zero carbon footprint – more carbon is removed than emitted into the environment – and a commitment to shorter land and ocean routes, barriers to including Bill C-69 and C-48 remain concerns to enacting this vision and to consultation efforts between First Nations and the federal government.

Low commodity prices, amidst a second price collapse in over a decade, exacerbate the sentiment.