The Peter Zeihan Podcast Series What's The Deal in Canada? || Peter Zeihan
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Dec 11, 2025 A surprising political breakthrough in Canada sees Prime Minister Carney and Alberta's Premier Smith reach a compromise on a new pipeline route for heavy crude. The discussion dives into Alberta's bitumen market, the challenges of processing, and historic discounting into the U.S. The federal government's commitment to a BC pipeline faces headwinds with local bans. Insights on Alberta's carbon pricing strategy reveal attempts for net-zero emissions by 2050, highlighting longstanding tensions and the complexities of First Nations and regional objections.
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Federal-Provincial Breakthrough
- Canada reached a rare federal-provincial compromise focused on energy and pipelines.
- The deal signals a possible return to the political middle under Prime Minister Carney.
Pipeline Will Require Lifting BC Ban
- The federal government agreed to push a bitumen pipeline across British Columbia to northern BC.
- That requires lifting a current federal ban on oil pipelines and tanker loadings in that region.
Alberta's Carbon Pricing Shift
- Alberta agreed to adopt a carbon pricing regime aiming for net-zero by 2050.
- This marks a major policy shift for an oil-dependent province long opposed to carbon pricing.