Canadian Prime Minister Mark Carney has reportedly finalized an investment deal with British Columbia to build a major oil pipeline, marking a significant shift to overcome initial opposition from the westernmost province.
According to reports, the future pipelines are expected to carry 1 million barrels of oil a day from the oil-rich province of Alberta while allowing Canada further access to Asian markets and mitigating its economic dependence on the United States.
In this connection, Carney said at a news conference: “ It’s time to move to action, the best route for a new pipeline is one that goes through one that already exists, south of the Trans Mountain corridor, to our Pacific coast, the gateway to the world’s fastest growing markets.”
Carney has introduced a significant goal for Canada to double its non-US exports in the next decade and seeks to reduce the price discount on current oil sales to US markets. The pipeline would closely follow a route already navigated by the Trans Mountain pipeline.
Smith clarified that the Alberta government is collaborating with the federally owned Trans Mountain Corporation and Calgary-based Pembina Pipeline on what it calls the “West Coast” oil pipeline.
“The world is asking Canada to step up and provide the stable, democratic and reliable energy supply that countries around the world are looking for,” Smith continued.
Smith has lamented that Carney’s predecessor, Justin Trudeau stopped the energy industry from growing and fueled sectarianism. Notably, a previous memorandum of understanding between Ottawa and Alberta included a minor alteration to an oil tanker ban off parts of the British Columbia coast.
On Thursday, British Columbia Premier David Eby also confirmed that he has secured an agreement to keep the northern tanker ban in place while safeguarding the province’s pristine northern coast. On the contrary, Trudeau had thwarted the Northern Gateway Project amid opposition from environmentalists and native populations.
It is pertinent to mention here that since taking office for his second term, Trump has used executive orders to impose shifting tariffs on energy products and goods from Canada and other countries.
