Canada’s Energy Ambition: From Market Hostage to Global Player

This week, Jackie and Peter discuss Peter’s recent writing, including his article in The Hub titled “Increasing Canada’s Energy Ambition is an Economic and Geopolitical Imperative” as well as two other pieces, “Geoeconomics and State Capitalism” and “The Cost of Being a Market Hostage.” 

Peter argues that Canada must raise its level of ambition to compete in today’s geoeconomic and geopolitical environment—one where markets are shaped less by free trade and more by state power, economic coercion, and the strategic use of industries to advance geopolitical objectives. In this new order, the effects of tariffs, sanctions, control of trade routes, and dominance over critical resources are felt daily on the global stage. 

Yet Canada is not showing up as a true contender. The country remains passive, heavily dependent on the United States for oil and gas exports, at significant cost to the economy. Peter outlines four levels of ambition that Canada could pursue. At the lowest level, the nation remains a “market hostage,” reflecting its current state in oil and gas. A modest step up would be the role of “competitor,” in which new tidewater export capacity expands Canada’s reach. Moving further, Canada could become a “negotiator,” able to leverage energy exports as a bargaining chip in international relations. At the highest level, Canada could aspire to be an “aggressor,” a country that wields genuine market power in vital resources—similar to the way China has achieved influence through state control of strategic industries. 

Content referenced in this podcast:

• The Hub.ca, “Increasing Canada’s energy ambition is an economic and geopolitical imperative” (September 9, 2025) 
• Studio.Energy, “Geoeconomics and State Capitalism” and “The Cost of Being a Market Hostage” (September 8, 2025) 
• CTV News, “Here’s what the parliamentary budget officer is warning of ahead of the budget” (September 28, 2025) 
• CBC News, “Canada's GDP rebounds in July after contracting for 3 months” (September 26, 2025) 
• WSJ “Trump Takes Aim at Chip Makers With New Plan to Throttle Imports” (September 26, 2025) 

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