Canada’s greatest energy problem is not that we produce too little oil. It is that we have spent more than a decade making it increasingly difficult to sell it. Ottawa’s decision to support, in principle, a new pipeline to Canada’s Pacific coast is encouraging, but approval alone will not restore investor confidence. Trust, once lost, must be earned back. For years, governments layered Canada’s energy sector with carbon taxes, increasingly complex regulations, emissions caps, tanker restrictions and political uncertainty. Investors responded exactly as rational investors should. They invested elsewhere.