Business
Trump’s ‘Liberation Day’ – Good News for Canadian Energy and Great News for WCSB Natural Gas
By Maureen McCall
April 2 was ‘Liberation Day’ according to U.S. President Donald Trump. While the announcement of U.S. reciprocal tariffs was not good news for many countries, Trump’s announcement also had some good news for Canadian Energy companies – 0% tariffs. Some tariffs against Canada are still in place, but for now, no energy sector tariffs against Canada underscores the importance of Canadian energy to the Trump administration.
President Trump announced new tariffs on April 2nd, which he dubbed “Liberation Day” with a 10% baseline tariff for all U.S. trading partners, to go into effect on April 5th. He also announced more reciprocal tariffs against the “worst offenders,” which will go into effect on April 9th but no tariffs on Canadian energy were announced.
Trump’s Reciprocal Tariffs Announcement
Alberta Premier Danielle Smith celebrated the win which she says is precisely what she has been advocating for from the U.S. Administration for months.
“The United States has decided to uphold the majority of the free trade agreement (CUSMA) between our two nations. It also appears this will continue to be the case until after the Canadian Federal election has concluded and the newly elected Canadian government is able to renegotiate CUSMA with the U.S. Administration. It means that the majority of goods sold into the United States from Canada will have no tariffs applied to them, including 0% tariffs on energy, minerals, agricultural products, uranium, seafood, potash and a host of other Canadian goods.”
This is great news for Canadian energy producers, especially natural gas producers who are experiencing dramatic growth in the Montney.
At this year’s S&P Global CERAWeek, Mike Verney, Executive Vice-President of petroleum reserves with McDaniel & Associates Consultants Ltd. had great news for Canadian companies.
McDaniel’s study, commissioned by the Alberta Energy Regulator (AER), reported data indicating that Alberta has proven natural gas reserves of 130 trillion cubic feet (TCF), compared to previous provincial estimates of only 24 TCF. According to the study, if probable gas reserves are added in, the overall figure is 144 TCF.
As reported in the Financial Post, Verney said “We’re growing like mad in the Montney. The major natural gas plays in the U.S. are actually declining versus the Montney that is actually growing.”
This message was echoed by Michael Rose, the Chairman, President and Chief Executive Officer of Tourmaline Oil, Canada’s largest natural gas producer during his keynote address at the SPE Canadian Energy Technology Conference and Exhibition last month in Calgary.
Not a Sunset Industry
Michael Rose – Chairman, President and Chief Executive Officer of Tourmaline Oil
Rose opened his keynote speech with optimism saying: “This is not a sunset industry- it is closer to sunrise than sunset” and spoke about Canada’s compelling opportunity for natural gas production as well as Tourmaline’s successes.
Reuters reports that analysts are wondering about the U.S.’s ability to meet the demand growth of booming liquefied natural gas (LNG) projects and also to meet huge domestic demand for natural gas-fired electricity generation to supply new data centre growth. Canada’s resources in Alberta’s Deep Basin and the North East BC Montney will be a huge supply source.
Deep Basin and the Montney are where the most competitive gas plays are found, and where Tourmaline operates as well as producing oil in the Peace River Triassic Lake.
Rose credits technology development and the building and ownership of midstream infrastructures as keys to affordability and profitability for Canadian companies which can control costs by controlling more of the production cycle. In addition, AI optimization has helped the company increase production. He also pointed out the environmental advantage of natural gas production. Since society needs the energy density of hydrocarbons to power industries, natural gas is the best choice as it is “the cleanest member of the fossil fuel stack.” He quoted Arjun Murti– 30 year Wall Street research analyst, buy-side investor, and advisor covering the global energy sector now with Veriten.com who asserts that there is no real energy transition and the only thing humans have actually transitioned off in the energy world is whale oil.
Rose said that 2022 statistics indicated the world set a record for all sources of energy. He pointed out that coal was supposed to replace wood 200 years ago, and it still hasn’t while wood, which has been renamed as biomass is still 7% of the overall energy stack.
The Golden Age of Gas
Rose’s natural gas outlook to 2028 in Canada was rosy saying gas “never looked better.” Beyond 2028 also looks good with a proliferation of electricity generation planned to feed data centre growth. In Alberta alone, 15 projects are in queue which will create a material increase in demand. In the U.S. however, some large U.S. natural gas supply basins have reached a tipping point with only 50% estimated ultimate recovery (EUR) left. Rose reported that drilling inventory is an issue in the U.S. but not in Canada. For example, Tourmaline has over 20 years of Tier 1 drilling inventory left while its U.S. peers don’t have the same luxury. He noted that U.S. M&A is currently driven by a quest for inventory. He noted that U.S. companies will chase profitable acquisitions in a quest for inventory to lower future costs saying “Things are still cheap in Canada.”
Canadian Resources – Will we ever be an energy superpower?
With global exploration down sharply, focus has turned to the WCSB where in the case of the Montney, only 5% has been produced so far.
“All you hear about is the western Canadian sedimentary basin and it is a monster, and it is the gift that keeps on giving, but we’re actually blessed with multiple other opportunities. Like the U.S., a number of them are off limits for government policy reasons, but certainly changes are in order.”
Some of the undeveloped basins in Canada which Rose referred to as “forbidden basins” are located on the West Coast and in the lowlands in Quebec. The tariff issue may be changing attitudes towards oil and gas development in those areas. Dealing with an unsupportive Federal Government for the last decade has made capital attraction difficult. Routine talk about phasing out Oil and Gas and the series of regulations, bills and initiatives that have stalled basin development and new pipelines have taken its toll. It has discouraged capital from flowing into the sector – a period that Rose said “ felt like an endless hurricane.”
So what is the right path forward?
The challenge for industry and policymakers is finding the right balance between energy and the environment according to Rose. He advises that setting unrealistic goals and timelines that are not based in science/technology or economics won’t work, and notes a shift away from the time frame set by net zero.
“We look at the whole environment, air, land and water, and we develop plans to improve performance in all three. We have a group of young engineers working on what amounts to an embedded clean tech business within our company, and I think they’re having a lot of fun doing it.”
One of Tourmaline’s longest initiatives, is the conversion of drilling rigs from diesel to natural gas, using field gas for fuel. The result is that projects have an improved economic return as well as reduced emissions. Rose says this year, Tourmaline will cross a “200 million barrier” and will have displaced 200 million litres of diesel and save $200 million including the makeup gas used. He says they like to think of it as a drill bit to burn initiative.
Mike Rose still had an optimistic view of the path forward for energy companies that is certainly more relevant after yesterday’s “Liberation Day” announcement from Trump.
“We’ve missed 10 years of opportunities,” Rose said. “It would have made us so much stronger than we are today as an industry and a country. Still, late is better than never. The only thing I’ll say about tariffs is that they are just another curve ball. We’ve had nothing but curve balls for 10 years, and we’ll figure out how to hit this one too. Given how integrated both countries’ energy systems are and will continue to be, I think a great narrative that just might appeal is: ‘Let’s make North America the world’s preeminent energy and oil and gas superpower’.”
Maureen McCall is an energy professional who writes on issues affecting the energy industry.
From the Frontier Centre for Public Policy
New script, same budget playbook. Nothing in the Carney budget breaks from the Trudeau years
Prime Minister Mark Carney’s first budget talks reform but delivers the same failed spending habits that defined the Trudeau years.
While speaking in the language of productivity, infrastructure and capital formation, the diction of grown-up economics, it still follows the same spending path that has driven federal budgets for years. The message sounds new, but the behaviour is unchanged.
Time will tell, to be fair, but it feels like more rhetoric, and we have seen this rhetoric lead to nothing before.
The government insists it has found a new path, one where public investment leads private growth. That sounds bold. However, it is more a rebranding than a reform. It is a shift in vocabulary, not in discipline. The government’s assumptions demand trust, not proof, and the budget offers little of the latter.
Former prime ministers Jean Chrétien and Paul Martin did not flirt with restraint; they executed it. Their budget cuts were deep, restored credibility, and revived Canada’s fiscal health when it was most needed. Ottawa shrank so the country could grow. Budget 2025 tries to invoke their spirit but not their actions. The contrast shows how far this budget falls short of real reform.
Former prime minister Stephen Harper, by contrast, treated balanced budgets as policy and principle. Even during the global financial crisis, his government used stimulus as a bridge, not a way of life. It cut taxes widely and consistently, limited public service growth and placed the long-term burden on restraint rather than rhetoric. Carney’s budget nods toward Harper’s focus on productivity and capital assets, yet it rejects the tax relief and spending controls that made his budgets coherent.
Then there is Justin Trudeau, the high tide of redistribution, vacuous identity politics and deficit-as-virtue posturing. Ottawa expanded into an ideological planner for everything, including housing, climate, childcare, inclusion portfolios and every new identity category.
The federal government’s latest budget is the first hint of retreat from that style. The identity program fireworks are dimmer, though they have not disappeared. The social policy boosterism is quieter. Perhaps fiscal gravity has begun to whisper in the prime minister’s ear.
However, one cannot confuse tone for transformation.
Spending still rises at a pace the government cannot justify. Deficits have grown. The new fiscal anchor, which measures only day-to-day spending and omits capital projects and interest costs, allows Ottawa to present a balanced budget while still adding to the deficit. The budget relies on the hopeful assumption that Ottawa’s capital spending will attract private investment on a scale economists politely describe as ambitious.
The housing file illustrates the contradiction. New funding for the construction of purpose-built rentals and a larger federal role in modular and subsidized housing builds announced in the budget is presented as a productivity measure, yet continues the Trudeau-era instinct to centralize housing policy rather than fix the levers that matter. Permitting delays, zoning rigidity, municipal approvals and labour shortages continue to slow actual construction. These barriers fall under provincial and municipal control, meaning federal spending cannot accelerate construction unless those governments change their rules. The example shows how federal spending avoids the real obstacles to growth.
Defence spending tells the same story. Budget 2025 offers incremental funding and some procurement gestures, but it avoids the core problem: Canada’s procurement system is broken. Delays stretch across decades. Projects become obsolete before contracts are signed. The system cannot buy a ship, an aircraft or an armoured vehicle without cost overruns and missed timelines. The money flows, but the forces do not get the equipment they need.
Most importantly, the structural problems remain untouched: no regulatory reform for major projects, no tax-competitiveness agenda and no strategy for shrinking a federal bureaucracy that has grown faster than the economy it governs. Ottawa presides over a low-productivity country but insists that a new accounting framework will solve what decades of overregulation and policy clutter have created. The budget avoids the hard decisions that make countries more productive.
From an Alberta vantage, the pivot is welcome but inadequate. The economy that pays for Confederation receives more rhetorical respect, yet the same regulatory thicket that blocks pipelines and mines remains intact. The government praises capital formation but still undermines the key sectors that generate it.
Budget 2025 tries to walk like Chrétien and talk like Harper while spending like Trudeau. That is not a transformation. It is a costume change. The country needed a budget that prioritized growth rooted in tangible assets and real productivity. What it got instead is a rhetorical turn without the courage to cut, streamline or reform.
Canada does not require a new budgeting vocabulary. It requires a government willing to govern in the country’s best interests.
Marco Navarro-Genie is vice-president of research at the Frontier Centre for Public Policy and co-author with Barry Cooper of Canada’s COVID: The Story of a Pandemic Moral Panic (2023).
It’s been nearly a year since I last wrote about the CBC. In the intervening months, the Prescott memo on bias at the BBC was released, whose stunning allegations of systemic journalistic malpractice “inspired” multiple senior officials to leave the corporation. Given how the institutional bias driving problems at the BBC is undoubtedly widely shared by CBC employees, I’d be surprised if there weren’t similar flaws embedded inside the stuff we’re being fed here in Canada.
Apparently, besides receiving nearly two billion dollars¹ annually in direct and indirect government funding, CBC also employs around a third of all of Canada’s full time journalists. So taxpayers have a legitimate interest in knowing what we’re getting out of the deal.
Naturally, corporate president Marie-Philippe Bouchard has solemnly denied the existence of any bias in CBC reporting. But I’d be more comfortable seeing some evidence of that with my own eyes. Given that I personally can easily go multiple months without watching any CBC programming or even visiting their website, “my own eyes” will require some creative redefinition.
So this time around I collected the titles and descriptions from nearly 300 stories that were randomly chosen from the CBC Top Stories RSS feed from the first half of 2025. You can view the results for yourself here. I then used AI tools to analyze the data for possible bias (how events are interpreted) and agendas (which events are selected). I also looked for:
- Institutional viewpoint bias
- Public-sector framing
- Cultural-identity prioritization
- Government-source dependency
- Social-progressive emphasis
Here’s what I discovered.
Story Selection Bias
Millions of things happen every day. And many thousands of those might be of interest to Canadians. Naturally, no news publisher has the bandwidth to cover all of them, so deciding which stories to include in anyone’s Top Story feed will involve a lot of filtering. To give us a sense of what filtering standards are used at the CBC, let’s break down coverage by topic.
Of the 300 stories covered by my data, around 30 percent – month after month – focused on Donald Trump and U.S.- Canada relations. Another 12-15 percent related to Gaza and the Israel-Palestine conflict. Domestic politics – including election coverage – took up another 12 percent, Indigenous issues attracted 9 percent, climate and the environment grabbed 8 percent, and gender identity, health-care worker assaults, immigrant suffering, and crime attracted around 4 percent each.
Now here’s a partial list of significant stories from the target time frame (the first half of 2025) that weren’t meaningfully represented in my sample of CBC’s Top Stories:
- Housing affordability crisis barely appears (one of the top voter concerns in actual 2025 polls).
- Immigration levels and labour-market impact.
- Crime-rate increases or policing controversies (unless tied to Indigenous or racialized victims).
- Private-sector investment success stories.
- Any sustained positive coverage of the oil/gas sector (even when prices are high).
- Critical examination of public-sector growth or pension liabilities.
- Chinese interference or CCP influence in Canada (despite ongoing inquiries in real life).
- The rest of the known galaxy (besides Gaza and the U.S.)
Interpretation Bias
There’s an obvious pattern of favoring certain identity narratives. The Indigenous are always framed as victims of historic injustice, Palestinian and Gazan actions are overwhelmingly sympathetic, while anything done by Israelis is “aggression”. Transgender representation in uniformly affirmative while dissent is bigotry.
By contrast, stories critical of immigration policy, sympathetic to Israeli/Jewish perspectives, or skeptical of gender medicine are virtually non-existent in this sample.
That’s not to say that, in the real world, injustice doesn’t exist. It surely does. But a neutral and objective news service should be able to present important stories using a neutral and objective voice. That obviously doesn’t happen at the CBC.
Consider these obvious examples:
- “Trump claims there are only ‘2 genders.’ Historians say that’s never been true” – here’s an overt editorial contradiction in the headline itself.
- “Trump bans transgender female athletes from women’s sports” which is framed as an attack rather than a policy debate.
And your choice of wording counts more than you might realize. Verbs like “slams”, “blasts”, and “warns” are used almost exclusively describing the actions of conservative figures like Trump, Poilievre, or Danielle Smith, while “experts say”, “historians say”, and “doctors say” are repeatedly used to rebut conservative policy.
Similarly, Palestinian casualties are invariably “killed“ by Israeli forces – using the active voice – while Israeli casualties, when mentioned at all, are described using the passive voice.
Institutional Viewpoint Bias
A primary – perhaps the primary job – of a serious journalist is to challenge the government’s narrative. Because if journalists don’t even try to hold public officials to account, then no one else can. Even the valuable work of the Auditor General or the Parliamentary Budget Officer will be wasted, because there will be no one to amplify their claims of wrongdoing. And Canadians will have no way of hearing the bad news.
So it can’t be a good sign when around 62 percent of domestic political stories published by the nation’s public broadcaster either quote government (federal or provincial) sources as the primary voice, or are framed around government announcements, reports, funding promises, or inquiries.
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In other words, a majority of what the CBC does involves providing stenography services for their paymasters.
Here are just a few examples:
- “Federal government apologizes for ‘profound harm’ of Dundas Harbour relocations”
- “Jordan’s Principle funding… being extended through 2026: Indigenous Services”
- “Liberal government announces dental care expansion the day before expected election call”
Agencies like the Bank of Canada, Indigenous Services Canada, and Transportation Safety Board are routinely presented as authoritative and neutral. By contrast, opposition or industry critiques are usually presented as secondary (“…but critics say”) or are simply invisible. Overall, private-sector actors like airlines, oil companies, or developers are far more likely to be criticized.
All this is classic institutional bias: the state and its agencies are the default lens through which reality is filtered.
Not unlike the horrors going on at the BBC, much of this bias is likely unconscious. I’m sure that presenting this evidence to CBC editors and managers would evoke little more than blank stares. This stuff flies way below the radar.
But as one of the AI tools I used concluded:
In short, this 2025 CBC RSS sample shows a very strong and consistent left-progressive institutional bias both in story selection (agenda) and in framing (interpretation). The outlet functions less as a neutral public broadcaster and more as an amplifier of government, public-sector, and social-progressive narratives, with particular hostility reserved for Donald Trump, Canadian conservatives, and anything that could be construed as “right-wing misinformation.”
And here’s the bottom line from a second tool:
The data reveals a consistent editorial worldview where legitimate change flows from institutions downward, identity group membership is newsworthy, and systemic intervention is the default solution framework.
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Is Updating a Few Thousand Readers Worth a Half Million Taxpayer Dollars? |
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| Plenty has been written about the many difficulties faced by legacy news media operations. You might even recall reading about the troubled CBC and the Liberal government’s ill-fated Online News Act in these very pages. Traditional subscription and broadcast models are drying up, and on-line ad-based revenues are in sharp decline. | ||||||
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