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75 Years ago
When you want to do something, you get it done
When you don't, you find excuses
Sixty-five years later, Craigellachie suddenly had company.
In October 1950, when Canada’s first long-haul crude oil pipeline entered service, members of the press were calling it a “latter-day last spike” in reference to the completion of the Canadian Pacific Railway, whose last spike was driven home in Craigellachie, British Columbia in 1885.
After all, the concept of a pipeline to service the nascent Canadian oilpatch was considered a mere “dream” in 1948, a year after the Leduc discovery. And after the Interprovincial Pipe Line Co.’s 1,150-mile Edmonton-Lakehead pipeline—now known as Enbridge’s Line 1—was built in a mere 150 days, it was hailed as “one of the biggest engineering feats in Canadian history” by the press of the era.
Seventy years ago today, on April 30, 1949, Interprovincial Pipe Line (which eventually became Enbridge) was created by Canadian Parliament.
Less than 18 months later, oil began flowing through Canada’s first true energy highway—moving Alberta crude to eastern markets, immediately boosting domestic content for Canadian refineries from 20 to 33 percent, and creating new prosperity and security for Canada that has lasted for decades.
Canadian Minister of Trade and Commerce C.D. Howe attended a Line 1 valve-turning ceremony in Edmonton on Oct. 3, 1950, which drew news reporters from across the continent, and called it “a Canadian event of the first order.”
Howe said the $100-million pipeline from Edmonton to Superior, Wisconsin “was more than an enterprising business venture. It is an essential factor in our preparedness program for the defence of Canada.”
When oil on Line 1 first reached Regina a few weeks later, Saskatchewan Premier Tommy Douglas called the project timeline “a modern miracle . . . 10 years ago, if anyone had dared suggest the possibility of completing a project of this size in less than six months, he would have been called a dreamer and a visionary.”
https://www.enbridge.com/stories/2019/april/enbridge-70th-anniversary-canadas-first-long-haul-crude-pipeline
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Well surprise, surprise…NOT. I didn’t know about this and as the author says, probably most Canadians don’t either.
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Many Canadians are probably unaware, but this isn’t the first time Prime Minister Mark Carney has taken a crack at creating a sovereign wealth fund; he already tried it while serving as the Bank of England governor two years ago.
The UK government launched the National Wealth Fund in 2024, which was also presented as a sovereign wealth fund and based on a report compiled by the Green Finance Institute, of which Carney was a drafter.
The fund promised to raise three dollars of private investment for every dollar invested using taxpayers’ money. However, after two years in action, the fund’s performance is far from inspiring.
“Two years before selling this model to Canadians, Mark Carney recommended it to the British, who implemented it,” said Bryan Cheang, research fellow at the London School of Economics and senior fellow at the Montreal Economic Institute. “Given the losses...
