Mark Carney Announces New Pipeline... With a Massive Catch

We have pipeline companies that have literally spent billions of dollars in recent years on failed regulatory approval processes.That's the environment we're finding ourselves in.

We've finally made a deal on a pipeline.Welcome back to Moose and Loose.My name's David.Today, Mark Carney has figured out a way to make David Eby, Daniel Smith and himself happy with a new pipeline.Questions now are will this pipeline get built and will taxpayers go broke getting it built?And well, not the pipeline, but what comes with the pipeline, which is as expensive as the pipeline itself.

Let's jump into this.In our headline story here coming from Global News, we've got construction of a new oil pipeline to BC coast won't include lifting the oil tanker ban.If you saw my previous video, we went over the oil tanker ban part where Carney is not lifting that to appease David Eby.In return, he's getting his carbon credit framework being rolled out, I believe, in British Columbia first.He'll be rolling this out nationwide to increase taxes on Canadians and increase cost of living on all of us so Brookfield and himself can profit.And we've got a new oil pipeline here in Alberta.

This is the easiest path possible.

Because when we work together, Canada controls its future.This is a new approach.that helps us reach our full potential.One that builds in partnership, the federal government, Alberta, British Columbia.partnership with territories, partnership with Indigenous Peoples, partnership with the private sector.Indigenous Peoples full partners in development, operating and equity ownership.

We've agreed, or at least I think that's what's in the submission that I may get momentarily, that the best route for a new pipeline is one that goes through one that already exists out through the Trans Mountain Corridor to our Pacific Coast, the gateway to the world's fastest growing markets.We've already agreed to reform carbon markets so they promote real emissions.We've already agreed to substantial methane reductions and to new measures, new incentives and reforms so that power markets can grow sustainably and affordably.and this being Alberta significantly.

All about sustainable carbon markets.So Carney and his buddies at Brookfield Bruce Flatt can cash in.He also mentions First Nation participation.Ownership.Are we reducing the payments, the reconciliation payments to these bands, or do they just get to make extra money off of taxpayer money paying for this pipeline?

We will maintain the federal government will maintain the tanker ban to protect Canada's coastlines and precious habitats and consistent with the MOU is a prerequisite for the pipeline.The Government of Canada.The government of Alberta and the Oil Sands Alliance, the five companies in the Oil Sands Alliance, have now agreed on the terms to launch the Pathways Project, the world's largest carbon capture and utilization and storage project, which together with other emission reduction commitments in the agreement, will achieve 16 million tons of emissions reductions per year, or the equivalent of taking 90 % of the cars in Alberta off the road.

So we're going to reduce the emissions by 16 million tons per year.And it's going to cost us, what, 10, $15 billion from what I see.We're going to pay billions of dollars to reduce emissions and get nothing in return.There's no benefit to this.We're not selling piles of carbon on the open market.We're not bagging up the carbon and shipping it down to America or Philippines or any trading partner.

We're not selling this.This is not good for Canada.We're making a pipeline that generates wealth, and then we're bankrupting that wealth with this carbon capture program because he's invested in on it.Not only is Brookfield the one who's going to mainly benefit from this carbon credit carbon market, that he's bringing in.He mentions the Pathways project and how they're on board.Of course, they're on board.

You got a guy like Derek Evans here as the executive chair of the Pathways Alliance.Derek's main responsibilities are providing strategic leadership to the executive team.Who is this guy?You can see prior to joining Pathways Alliance, Derek was president and CEO of Meg Energy.Now, who else worked at Meg Energy?It's none other than Tim Hodgson.

And he worked there at the exact same time as Derek Evans.Tim Hodgson was there at 2016 to 2019, Derek Evans 2018 to 2024.They had a year of overlap where they directly worked with each other.Hodgson served as a board member for Calgary -based oil sands producer Meg Energy.These guys know each other.Carney rolling in his A -team here to make sure that he gets the job done.

He needs this to go through because Brookfield needs those secure profits for the next 20 years to cure this market, lock it in with First Nations so no other Conservative Prime Minister can get rid of it in the future, and Canadians are going to be left with the bill.I don't know how Daniel Smith justifies this Pathways project that'll cost 20, $30 billion.Carney's going to likely front 10 to $15 billion, at least half of it of taxpayer money.They're going to build this pipeline and then it's going to take a long time to even get taxpayer money back from this carbon credit nonsense.Like we're looking to build prosperity, not to put us further in debt.This thing does not help us.

We should be building this pipeline.This is the easiest one.This is the route here.So it's going from Alberta along the TMX route.There's a few deviations here where you can see the blue and then down below Vancouver out to the port here.So they'll be building a new port down here.

This is utilizes all the infrastructure.This is the easiest way of doing this and we should do this.This should be happening right now.I'm not against this but we should also be doing one to Prince Rupert.We should be also opening up Energy East and a bunch of the other pipeline projects that have been brought up over the years.We should be doing all of them not just one to satisfy Alberta separation movement or whatever.

I don't think this is gonna satisfy the Alberta separatists.It's not enough.This is a weak cop out from a weak prime minister.And the only way he's doing this is because he gets something financially from it.Just think of this.This guy's like, well, I want to make tens of millions of dollars.

If we're going to do this pipeline, that's the only way I'm going to do this.That's basically what's happening here.He wants to get rich.He's like, okay, fine.We'll do it.But only if I get rich, like what kind of country are we living in?

This is absolutely ridiculous.

We will refer a submission that I may receive, uh, Alberta's West coast pipeline project proposal immediately to the major projects office consultations.will begin immediately with Indigenous communities, relevant provinces and territories to determine listing under the Building Canada Act by October 1st as per our agreement.

This is so weak.What indigenous consultation do you need?There's already a pipeline there.They're just sticking another pipe next to the pipes that are there with a couple minor deviations.Get to work.Start building tomorrow.

Why would we have to consult First Nations for the next three months?These guys are so incredibly incompetent.Three months for what?Talk to, is there one or two bands in that area?If that, how many bands are on that route?Seriously, how many bands are right here and right here?

couple phone calls hey we'll make sure we keep giving you reconciliation payments we're gonna put a pipeline through here which is what pays the bills for you guys okay hang up the phone time to build taxpayers pay for everything around here there's gonna be consultation on this this is ridiculous this is already a route if he did this the first day he got in to office this pipeline will be functional in a year or two from now instead what does he do drags this out for a year and now just drag it on some more months more and more months drag this out drag this out so this pipeline here will transport 1 million barrels per day it's being supported by Pembina pipeline.I don't think Canadians realize how stupid this whole situation is.It's like he's twisting the arm of the provinces to get what he wants so he can enrich himself.Jumping over the question period here.

Maybe to both of you, but what guarantees, if any, have been made to Pembina regarding this being a viable investment by both governments?

I would say that one of the things that we knew we had to do in starting off on down this pathway was to de -risk the project.There are many, many pipeline projects that got underway and for one reason or another got stalled out and abandoned the regulatory process after spending either hundreds of millions or even billions of dollars.That was the environment we found ourselves in.So I would say that having both the federal government and the provincial government at the table as partners with Pembina, they give us the certainty that it is a financially viable project from a private sector perspective and we give them the certainty that because we're partnering with them that it's going to get built in a timely way.

Well, the first thing, I agree with everything, obviously, the premier just said.There's some synergies from the fact of having TEMC as a partner in an existing route.But there's what Pembina is bringing is expertise, capital discipline.I mean, they're renowned for their capital discipline.

So Carney's building Canada strong moment here is building another route along a currently existing pipeline.Really swinging for the stars, aren't you, Carney?

I think for months we'd heard in some cases from you, Premier, that the benefits to the northern route had better shipping economics.There was technical, other kinds of, you know, permitting benefits to going in a northbound route.You've settled or agreed on a southbound route.Is there not a concern or a risk here that we're trading a more commercially viable project for a politically palatable one?

I can tell you that we looked at both projects and, in fact, the southern route had key advantages of using an existing pipeline route, existing established relationships with the indigenous partners and potential partners along that line.as well as the ability to reduce the amount of time to get it to market.And anyone in the private sector will tell you it's those delays that are to be in production and to be earning revenue, which is one of the big factors for consideration.So as we looked at this one and realized that they're fairly comparable when it comes to the amount of dollars that would have to be outlaid, we'd likely be able to build this one a couple or more years faster.That factored into the decision making.I still...

I think that there are advantages to talking with First Nations in the North about ways that we can expand the use of the Port of Prince Rupert.I know that Minister Sawney has already spoken with dozens and dozens of Indigenous leaders, and I think we've opened up that conversation for us to be able to talk about future partnerships.But when we looked at this one, the time to market, the efficiency of using the existing line, the established Indigenous relationships, it seemed like this made the best sense economically as well.

Let me translate.Mark Carney was not going to lift the tanker ban, so this is the only option.That's just it.He wouldn't do it.And this is the only option.This is the easiest option.

This is building Canada strong.We should be building both of them.This is weak.Carney needs to be voted out immediately.

I agree with that.You know, the very important aspect of de -risking, de -risking in time, being clear about, as the Premier just said, time to market.We're also, you know, we're It goes back to what the G7 asked, what we hear from Asian partners, what I heard from the President of the Philippines today.There is an energy security issue today.And so the interest is how we move towards that.And if I could broaden it and then hand to you, sir, is, of course, we're providing – Canada's providing a variety of energy solutions.

And another form of those energy solutions is LNG, coming through Port -au -Prince -Rupert, Kitimat,and I'll just refer to the Coastal First Nations comments today and the consistency of what we're doing today with a series of energy projects moving forward to provide solutions.Thank you.

It creates a carbon credit, then thus goes into the carbon market.That Brookfield is already a leader in.They're going to unleash this framework.They're going to need somebody to manage it.Who's going to manage it and take that lucrative 2 % fee on billions of dollars?It's funny, after I put Coastal First Nations on blast here, they took all of their photos off their website here.

See, they're all gone.I don't think they like that I pointed out some guys like this guy from India.I mean, they call themselves coastal First Nations.They have people who are not First Nations in this team.Jumping ahead here, this is a pretty awkward question.

After seven months, this project will now require government support in terms of equity.Why do you think that it remains too risky for the private sector to run with it by itself?

I would say that we did have a number of projects, and I can elaborate on them.I mean, we did have Northern Gateway that had all of its approvals, and they were then canceled.We did have Keystone XL, who had all of its approvals and were starting to build pipelines across the border, and a presidential permit was canceled.We had Energy East that was a billion dollars into a regulatory approval process and couldn't see the way to a finish line, so it was canceled.So we have pipeline companies that have literally spent billions of dollars in recent yearson failed regulatory approval processes.

That's the environment we're finding ourselves in.

And so yeah, the environment, the guy next to her refuses to fix and a lot of it came from him.He pushed this stuff through Justin Trudeau, who implemented this stuff.Mark Carney's the problem.It's funny, she has to answer this question standing next to him.

It does take some work.I think to make sure that the private sector proponents understand that this is a real process, there's a real commitment on the part of all three parties, myself, as well as the Premier of British Columbia, as well as the Prime Minister, to get this project to the finish line.So what the share of the private sector stake will be, that remains to be seen.Maybe over time, as more and more certainty comes in, maybe we'll be talking with Scott about him wanting to take on a larger and larger share.But we want to make sure that a company knows that we're walking this path with them so that we can get it to the end.And I won't speak for the Prime Minister, but I did notice that they have already received a over $1 billion dividend payment from the Trans Mountain Pipeline.

And so it seems to me that once you get through the construction process and you start earning revenue, it is an incredibly lucrative type of infrastructure that will benefit taxpayers.That was our consideration as well, but I'll turn it over to the Prime Minister.

Well, first off, let me thank the Premier for making that point.It is because it's an important point, and I referenced this earlier in one of the first questions about the profitability of TMX.TMX, de -risked, up and running, now is very profitable, and it's returning But is it low carbon, Mark?

Does that keep you up at night thinking about TMX?Oh, it's not low carbon.Shivering under his sheets, doesn't know how to handle it.He doesn't give a crap about any of this stuff.It all comes back to profits for himself.

Earning real cash to Canadians that is supporting social programs, supporting other things.And this is one of the things we're conscious of in terms of TMX, Sovereign Fund, other aspects, a much bigger answer.But let me make a fundamental point.which is, and I started my comments by, or earlier in my comments I said we were low -balling the scale of investment.Part of the reason I was low -balling the scale of investment is I wasn't accounting for all of the upstream investment in oil and gas.So a series of announcements, some of it's port infrastructure in BC, which is as much for other commodities, it's for goods exports, enormous opportunity.

Other logistics exports, clean energy investments in British Columbia, critical mineral investments beyond.There's a series of investments, which we're not counting, which the broader MOU will unlock on inner ties, on gas turbines, potentially nuclear investment, data center, a series of other things.

A series of other things that just happens to be everything that Brookfield is aligned with, that's pushing their business towards.AI data centers, he mentioned the new port critical minerals.What do you know?A fundamental of Brookfield's portfolio going forward is one that Mark Carney seems to be in tandem with.Just what a coincidence.

We are talking hundreds and hundreds and hundreds of billions of dollars of investment.The vast, vast majority of that is going to come directly from the private sector.The measures we're taking are catalytic in order to help unlock all of that.Dawn Farrell's here and I'm going to finish with this.I want to thank Dawn for her leadership of the major projects office right out of here of Calgary.

And that's right, Dawn Farrell, Mark Carney's trusted leader of the major projects office has so many ties with Mark Carney, sat on the board of ATCO.Brookfield send these guys over to sit in on this TransAlta deal with Brookfield, which Dawn Farrell was a part of.And here she is today.making $577 ,000 a year.That's right.She makes more than $150 ,000 a year, more than the prime minister of Canada.

Carney doesn't seem to have a problem with that.Usually people who are sitting on the top of organizations want to be paid the most.I think it's because Carney knows his salary at the government is not where he's getting paid.We all know what's going on.

What Don does is help to ensure that what the federal government is doing He's creating the conditions to unlock that private investment.So there's enormous private investment that's going to come.And as the premier said at the start, as I said at the start, and I'll finish.And that's for the benefit of all Albertans and all Canadians, including the fact that it will provide resources to government to support our vital social programs, educate our children and move forward as a country.Thank you.

Thank you.So taxpayers are going to have to pay some portion of the pipeline and going to have to pay for Pathways Project to suck CO2 out of the air.And then finally, after years, we'll finally get some money back.Is this what building Canada strong looks like?