Margareta Dovgal: The economic fantasies of Carney and Trump

Advertisement 1 This advertisement has not loaded yet, but your article continues below. Breadcrumb Trail Links HomeNP Comment Margareta Dovgal: The economic fantasies of Carney and Trump A new pipeline would be an economic win for both countries Author of the article: By Margareta Dovgal Published Aug 31, 2026 4 minute read Join the conversation U.S. President Donald Trump, left, and Prime Minister Mark Carney PHOTO BY EVELYN HOCKSTEIN - POOL/GETTY IMAGES Article content Economic illiteracy, on both sides of the Canada-U.S. negotiating table, is the biggest threat to continental security. Article content Let’s start with the Canadian side. His doctorate in economics notwithstanding, nothing so plainly illustrates Prime Minister Mark Carney’s economic deficiencies as Ottawa’s apparent treatment of the successor to the long-abandoned Keystone XL pipeline in recent trade negotiations. Article content Article content Article content Sources familiar with the file told the New York Times that Carney offered to allow the pipeline project to resume. While offering a pipeline is not a particularly odd move, it’s strange that Ottawa appears to have treated it as a concession to Washington. Article content Right? The National Post newsletter that doesn’t hold back, giving readers the unvarnished truth on media, politics and culture. Sign Up By signing up, you consent to receive the above newsletter from Postmedia Network Inc. Interested in more newsletters? Browse here. Article content Gaining additional access to our largest and richest customer is not primarily an American benefit. But under Carney, building a pipeline that allows our most valuable trade commodity to get to market is seen as a great sacrifice. We know the U.S. wants and needs our oil, but Carney would have us believe that we would be doing the Americans a favour by giving them the privilege of buying our commodities. Article content In reality, the Keystone XL project was cancelled years ago. TC Energy, which proposed the project, proceeded to spin off its crude pipeline business into South Bow, which is now advancing the Prairie Connector pipeline. That project proposes using roughly 150 kilometres of preserved Keystone XL-related pipe and two existing pump stations in Canada, connecting to a new American route. Article content South Bow has already secured 20-year binding commitments from nine customers to buy 465,000 barrels of oil per day. This is not, in other words, a…