December 18, 2024
Trump’s new energy council could mean trade opportunity for Canada: experts #CanadaFinance

Trump’s new energy council could mean trade opportunity for Canada: experts #CanadaFinance

CashNews.co

WASHINGTON — As Donald Trump builds his new energy-focused administration, experts say it could open opportunities for Canada to expand the two countries’ long-standing partnership amid threats of widespread tariffs from the president-elect.

Trump announced Friday that he would create a National Energy Council to establish U.S. “energy dominance” around the world. North Dakota Gov. Doug Burgum will be at the helm, while also heading the Interior Department.

“If I were any western Canadian premier, I would probably be quite happy … and anticipating great possibilities for trade and co-operation,” said Eric Miller, president of Rideau Potomac Strategy Group, a cross-border consultancy focused on trade, supply chains and government affairs.

Burgum’s new role will oversee a panel that crosses all executive branch agencies involved with energy, including permits, production, regulation and transportation.

“This Council will oversee the path to U.S. ENERGY DOMINANCE by cutting red tape, enhancing private sector investments across all sectors of the Economy, and by focusing on INNOVATION over long-standing, but totally unnecessary, regulation,” Trump said in a statement.

The Republican president-elect said America’s energy dominance will make the world safer by allowing the U.S. to sell to European allies. Burgum will also have a seat on the National Security Council.

Alberta Premier Danielle Smith congratulated Burgum, saying it was a pivotal moment for North America’s energy future.

“Together, we’ll strengthen energy security, fuel economic growth, and showcase the power of cross-border collaboration,” Smith posted on X.

“Let’s get to work!”

Miller said a key question after Friday’s announcement will be how it changes Canada’s strategy for engaging with the U.S.

On one hand, Ottawa has introduced draft regulations to cap emissions of greenhouse gases from the oil and gas sector. But on the other, Miller said, energy could prove a powerful tool to build partnerships with the Trump administration.

“I think the United States will need more Canadian energy regardless (of) what they do themselves,” said Heather Exner-Pirot, a special advisor on energy to the Business Council of Canada.

Burgum, a 68-year-old former software executive, will bring extensive knowledge of Canadian energy to the White House. He’s been governor of North Dakota, where agriculture and oil are the main industries, since 2016.

His state shares a nearly 500-kilometre border with Canada, south of Manitoba and Saskatchewan, and Burgum worked with both provinces to vaccinate truck drivers during the COVID-19 pandemic.