The National Telegraph - Wyatt Claypool - Carney's $44 Billion Pipeline SCAM Exposed： Albertans Get Screwed Again!

00:00:00.000 Hey guys, Wyatt Claypool here and welcome back to the National Telegraph YouTube channel.

00:00:06.020 It's time to prematurely celebrate everyone. Canada could, maybe, possibly build a potential

00:00:14.660 oil and gas pipeline to the West Coast if you take the word of Prime Minister Mark Carney and

00:00:20.640 the Liberals. I'm not trying to be deliberately pessimistic just to naysay the Liberals,

00:00:26.160 I just know the history. Energy East, Keystone XL, Northern Gateway, all got shut down under this

00:00:35.540 liberal government. The only major pipeline project to be complete under them was Trans Mountain

00:00:42.280 that went massively over budget and over schedule. The announcement yesterday between Prime Minister

00:00:49.840 Mark Carney and Alberta Premier Danielle Smith wasn't even an announcement about a pipeline

00:00:55.920 coming under construction. They are announcing that we plan to make a plan sometime in October.

00:01:04.920 It's really annoying seeing all the people wanting to be optimistic simply because, well,

00:01:09.420 we should be optimistic. Should we be optimistic in life? Sure. But if you know the history of how

00:01:16.060 the liberals have acted with pipeline projects, you should be somewhat pessimistic. Trust but

00:01:21.480 verify, at the very least. I don't even think we should trust this plan at all, and I'm going to

00:01:26.860 explain it to you in just a second here. But first, I will jump over to some clips from the press

00:01:32.480 conference between Carney and Danielle Smith. Check it out. This is a new approach that helps

00:01:39.420 us reach our full potential, one that builds in partnership, partnership, the federal government,

00:01:45.840 alberta british columbia partnership with territories partnership with indigenous

00:01:50.160 people's partnership with the private sector indigenous people's full partnership partners

00:01:56.560 in development operating and equity ownership we've agreed at least i think that's what's in

00:02:02.640 the submission that i may get momentarily uh that the best route for a new pipeline is one

00:02:09.120 that goes through one that already exists out through the trans mountain corridor

00:02:13.680 to our pacific coast the gateway to the world's fastest growing markets

00:02:18.640 we've already agreed to reform carbon markets so they promote real emissions

00:02:22.800 we've already agreed to substantial methane reductions and to new measures new incentives

00:02:29.520 and reforms so that power markets can grow sustainably and affordably and this being alberta

00:02:36.160 significantly we will maintain the federal government will maintain the tanker band to

00:02:41.200 to protect Canada's coastlines and precious habitats,

00:02:44.580 and consistent with the MOU as a prerequisite for the pipeline,

00:02:49.020 the government of Canada, the government of Alberta,

00:02:51.580 and the Oil Science Alliance, the five companies

00:02:54.440 in the Oil Science Alliance, have now agreed on the terms

00:02:57.720 to launch the Pathways Project, the world's largest carbon

00:03:01.340 capture and utilization and storage project, which,

00:03:04.100 together with other emission reduction commitments

00:03:06.300 in the agreement, will achieve 16 million tons

00:03:08.960 emissions reductions per year or the equivalent of taking 90 percent of the cars in Alberta off

00:03:14.180 the road. Now, this is what I think is the real prize for Prime Minister Mark Carney in this

00:03:21.040 entire thing. Now, could the potential pipeline actually get built? Sure, there's a possibility

00:03:28.420 of everything. I don't put it down at only like a five percent chance at happening, but between

00:03:33.920 betting on it happening or not happening. I would bet on it not happening with the modifier that

00:03:40.160 yes, one day a pipeline will be built. I just think that the next few years are going to be

00:03:45.260 a complete waste of time. And if a pipeline does get built, it's going to be because someone else

00:03:50.700 comes in and says, let's just stop all this stupid hoop jumping and just start building the thing. 0.98

00:03:55.260 Mark Carney is always slowly moving towards building something while never actually getting 0.99

00:04:01.100 there. But because he is promising Danielle Smith that something could be built in like 10 plus

00:04:07.120 years, he's going to get her to invest billions of dollars into the carbon capture pathways project

00:04:14.320 where massively increasing our industrial carbon tax, committing to methane reductions and all 0.96

00:04:20.080 these other sorts of things. And we might get a potential pipeline at some point. That is also

00:04:26.760 requiring it to basically be mostly government and First Nations owned. The only private sector

00:04:33.560 stake in this entire thing right now is Pembina Pipelines, who's going to be constructing it and

00:04:39.800 getting a 10% stake in the project, meaning that the rest of the stake right now is Alberta,

00:04:46.080 the federal government, the BC government, and First Nation groups. And by the way,

00:04:51.440 The First Nations thing is such a bag of cats that people seem to have not really noticed how bad it could potentially get. 0.91

00:05:00.020 Because although people have been playing this thing up as, well, it's going to be easy to build. 0.99

00:05:04.600 Because we've already built the Trans Mountain Pipeline.

00:05:09.960 It's like the KMX or whatever.

00:05:11.800 But we already have that corridor with a pipeline in it.

00:05:15.220 So we can just add another pipeline.

00:05:16.980 Easy peasy.

00:05:17.800 That was before Mark Carney, earlier this year, gave the land title of the entire Lower Mainland to the Musqueam First Nations Band, which is anti-oil and gas, and they're already extremely rich and really don't need any royalties from a potential pipeline.

00:05:38.600 They already own casinos, they already take a cut of revenues from the Vancouver airport,

00:05:44.900 and other direct money given to them by both the BC government and the Canadian federal government.

00:05:51.140 They also have land disputes with the Cowichan and the Tawasin. 0.61

00:05:55.220 And what better way of demonstrating this is your property by blocking a major project just for the heck of it? 0.98

00:06:02.280 Especially if the Tawasin want it, I guarantee the Musqueam will say they don't want it, 1.00

00:06:07.720 and vice versa. If the Musqueam want it, the Tawasi can flex their arms and say, hey, actually, 1.00

00:06:13.560 yes, you may have gotten Mark Carney to sign you over land title to this area, but this comes 0.99

00:06:19.380 through our territory as well. And we're saying no to the potential pipeline just to demonstrate

00:06:24.980 who really owns the land over here. This is going to be a bag of cats. And even the optimistic

00:06:33.540 plan for getting this thing built requires $44 billion of taxpayer money. Now, some of that

00:06:41.240 might be kicked in by Pembina pipelines, but they're being paid to construct the thing and

00:06:45.320 getting a stake. I actually don't think they're kicking in any money really themselves. If anything,

00:06:50.000 it's going to be a very small minority of the money, but at least $36 billion is going to be

00:06:56.060 coming directly from Canadian taxpayers, whether Canadian federal or Alberta and BC provincial.

00:07:03.540 And that is just the start of it. That's if it goes well. They only think this pipeline is going to get started either in October 2027, which is the hyperoptimistic schedule, or it could get started in, like, October of 2029.

00:07:21.760 And whenever the government gives you a date range for when they think they are going to start or complete something, the later date is probably the earliest they are ever going to complete it.

00:07:31.220 If not, they're going to need a few more years. So right now, based on that, earliest this thing's

00:07:37.040 going to get built is 2036. So I don't know why everyone's getting so hot and bothered over this

00:07:43.840 thing when we are literally multiple governments away from actually seeing it come to fruition.

00:07:51.120 Even the port that this thing is going to cannot currently handle the pipeline, and it needs

00:07:56.840 another 10 billion dollars of upgrades in order to take it in. I just want to jump to now a clip

00:08:03.400 of Danielle Spith being asked why now does the government have to step in to make sure this 1.00

00:08:09.260 project can even get underway because that is a big problem. The private sector is barely involved

00:08:15.760 in it in any way and Pemna Pipeline is only involved in it because their business is

00:08:19.400 of constructing pipelines.

00:08:21.740 After seven months, this project

00:08:25.580 will now require government support in terms of equity.

00:08:31.040 Why do you think that it remains too risky for the private sector

00:08:36.680 to run with it by itself?

00:08:40.280 I would say that we did have a number of projects,

00:08:43.940 and I can elaborate on them.

00:08:45.780 I mean, we did have Northern Gateway that had all of its approvals

00:08:49.020 and they were then canceled.

00:08:50.960 We did have Keystone XL who had all of its approvals

00:08:53.560 and we're starting to build pipelines across the border

00:08:56.100 and a presidential permit was canceled.

00:08:58.060 We had Energy East that was a billion dollars

00:09:00.140 into a regulatory approval process

00:09:01.720 and couldn't see the way to a finish line.

00:09:03.320 So it was canceled.

00:09:04.180 So we have pipeline companies

00:09:05.580 that have literally spent billions of dollars

00:09:08.300 in recent years on failed regulatory approval processes.

00:09:11.000 That's the environment we're finding ourselves in.

00:09:13.460 And so it does take some work, I think,

00:09:16.200 to make sure that the private sector proponents

00:09:20.160 understand that this is a real process,

00:09:21.680 there's a real commitment on the part of all three parties,

00:09:25.300 myself, as well as the Premier of British Columbia,

00:09:28.000 as well as the Prime Minister,

00:09:30.340 to get this project to the finish line.

00:09:32.400 So what the share of the private sector stake will be,

00:09:36.700 that remains to be seen.

00:09:38.260 Maybe over time, as more and more certainty comes in,

00:09:41.040 maybe we'll be talking with Scott

00:09:42.660 about him wanting to take on a larger and larger share.

00:09:45.500 This is not exactly inspiring, considering that right now the only private sector stake is 10% at the moment.

00:09:54.960 And also, isn't it kind of awkward to be saying all this when you're standing right next to the guy who's making the private sector not want to put in more money?

00:10:04.980 The only reason Pevinda Pipeline is putting 10% in is because the provincial and federal governments are going to be putting in billions of taxpayer dollars to get it constructed.

00:10:16.480 And they could still only get 10% into the pot from the private sector.

00:10:21.920 Now, they're saying, well, First Nations are going to have a stake in it.

00:10:25.220 I really doubt First Nations are going to be putting any money into it.

00:10:28.080 So that's just going to be more taxpayer money.

00:10:29.680 And even if they were putting any money into it, that's still just taxpayer money, because where do you think the ban councils are getting their cash from?

00:10:38.180 But Mark Carney could clear out all the regulations.

00:10:40.840 We could have been building a pipeline to the North Coast to either Prince Rupert or Kinemat, but he didn't want to actually sign an approval for a pipeline to be built there and go through all of the consultations and environmental reviews as fast as humanly possible,

00:10:57.720 if not just leapfrog over it. He could have done that. And I find it not annoying. And I respect

00:11:03.740 Danielle Smith. But she's having to sit there and just act like this just has to be done. 1.00

00:11:10.080 No, it doesn't. It only has to be done because the man to your direct left has made it that way.

00:11:18.440 And so I want to now jump over to another clip of Danielle Smith on CBC the next day,

00:11:24.380 basically tacitly admitting that, yeah, Pembina Pipeline could even end up pulling out of this

00:11:29.600 project. Check it out. I want to focus in still on the private company here, Pembina. When you

00:11:35.320 read the news release that they've put out going along with this, they are interested in this 10%

00:11:39.780 stake, but they make it clear there is a lot of caution around this. They're still evaluating the

00:11:44.240 plan. Is it possible they could choose to walk away, that this could become entirely a public

00:11:48.780 project? Well, I hope not. I mean, I think that what we've been looking for and what the private

00:11:55.240 industry has been looking for is some indication that governments can work together to clear

00:11:59.740 regulatory hurdles so projects can get built. So you have to remember the environment we're

00:12:03.400 walking into. We have an environment where the Northern Gateway Project got all of its

00:12:07.260 approvals and was canceled. And then we had the Keystone XL Project that was approved and in

00:12:11.740 construction and then a presidential permit from the U.S. was canceled. And then we had a billion

00:12:15.680 dollars spent on an Energy East regulatory process. They pulled the plug on because they

00:12:19.360 couldn't see the way through to the finish line. So you can well imagine why it is that pipeline

00:12:23.720 proponents are a little bit nervous based on the past 10 years of history. Now it may seem like I

00:12:30.580 just basically played her saying the same thing twice. The difference though is in that CBC clip

00:12:36.080 she said that she'd like to see the regulatory hurdles taken down so that private companies

00:12:42.180 would be interested in actually footing the bill themselves. And by the way, I want private

00:12:48.140 companies to foot the bill themselves, not because I'm like, oh, you hands off taxpayer money.

00:12:53.260 Part of that is my reason. The main thing is that I don't think that the pipeline is going to be

00:12:59.940 managed in its planning, construction, or maintenance better by the government than a

00:13:05.220 private company. I think a private company would do far better with this entire project, and they

00:13:10.880 should be the ones fully profiting off of it if this was a free market. But now we're going to

00:13:16.260 have government stakes in this project that's probably going to be way over time and way over

00:13:21.340 budget because Carney at the press conference refuses to actually make the regulatory environment

00:13:27.420 easier. In fact, just a couple weeks ago, started pulling back on loosening regulations around

00:13:34.000 energy projects because his own caucus started signing letters to him anonymously saying that

00:13:41.740 they didn't like his own pipeline plan. That's another crimson red flag on the field. We are

00:13:47.460 going to assume that this project is not going to get derailed over the next decade while there

00:13:53.980 are actively people in the Liberal caucus who do not want to see this pipeline approved.

00:13:59.300 Now, many people have been talking about David Moose on the Loose's video, talking about what

00:14:05.080 Mark Carney's interest in this project may be, and it's sort of surrounding the whole idea that

00:14:09.520 he has a lot of friends, whether through other ministers or through Brookfield, that are heavily

00:14:15.580 invested in the carbon credits market. I don't really know about that. My perspective is that

00:14:20.820 Carney's real interest in all this is basically pretending he's Mr. Pipeline. It's all political

00:14:26.960 games. He wants to seem like Mr. Pipeline to make the business liberals in his coalition happy,

00:14:32.800 and then he wants to make sure the pipeline never actually gets built, especially not even started

00:14:38.200 before the next federal election, so that he can keep the green left vote on board as well.

00:14:44.120 He's effectively trying to walk a tightrope where he both is in favor of a pipeline while he's never

00:14:50.020 actually getting the pipeline built. Now, I want to jump over to a post from my friend Kirk Lubomov,

00:14:56.680 because I think he had a really good way of summing up what this current project is.

00:15:03.040 Kirk here says, and I'll bring this back up on screen,

00:15:07.180 the private sector would have built the TMX expansion project for $7 billion.

00:15:12.160 The government chased them out of Canada and built it themselves for $35 billion.

00:15:16.220 The private sector now doesn't want to touch another pipeline project.

00:15:19.700 The government is stepping in to mismanage the construction of another project

00:15:24.180 that will cost $45 billion of taxpayer dollars. To build the pipeline, the government also has

00:15:29.300 to spend $20 billion on the Uneconomical Carbon Capture Project, that's the Pathways Project.

00:15:35.420 And then Kirk says, so taxpayers will pay $90 billion for something the private sector would

00:15:40.640 have done themselves for $20 billion if the government had just gotten out of the way.

00:15:44.880 Completely unacceptable waste and mismanagement. And then he says in another post here,

00:15:50.400 Canada announces to the world that we can't even build projects of national interest which should

00:15:57.200 be massively profitable and the private sector would be tripping over themselves to buy in

00:16:02.280 anywhere else in the world without government having to use taxpayer dollars to try and save

00:16:07.320 it and create confidence because the red tape and uncertainty is so bad. Only Canada would celebrate

00:16:12.860 this instead of working day and night to remove these hurdles and uncertainties. Politicians

00:16:17.460 should even be announcing shouldn't even be announcing this pipeline project private industry

00:16:22.100 should absolutely i agree and this is where i think what danielle smith is doing is short-sighted

00:16:29.700 although there is always time in the future to basically change her stance and put pressure on

00:16:34.580 the federal liberals again we shouldn't be accepting this like what the liberals proposed by the way

00:16:41.220 the MOU that Danielle Smith had signed with Mark Carney promised that there would either be a

00:16:47.380 southern or northern route. And then Carney broke that promise by just saying that we're not going

00:16:52.560 to be getting rid of the tanker ban that blocks oil shipments from coming out of Kitimat or Prince

00:16:58.000 Rupert, and we're just going to be forced to accept the southern route, which requires us 0.67

00:17:02.560 to work with the Musqueam who have land title over the entire lower mainland that the pipeline is 0.98

00:17:08.200 going to have to move through. This is not good. The amount and their people are saying, well, 0.92

00:17:13.260 it's going to bring so many investments. So we should just shut up and be okay with it. We should

00:17:17.480 just be happy that something's getting done. To which I say no. Why are we always accepting

00:17:22.760 mediocre concession prizes rather than actually getting a solid win? Again, so many people are

00:17:32.680 talking about it as if it's already generating $20 billion in revenue every single year.

00:17:39.620 Yeah, in 2036, it might be doing that. First, it even has to have the plan approved so they can

00:17:45.940 start planning it. This pipeline is at least going to be taking 10 years to get completed.

00:17:52.160 In Texas, if you were building a pipeline from planning to completion, and by the way,

00:17:58.160 we've already basically been through an entire year of planning, and then we have another 10

00:18:01.620 years after this. In Texas, planning to completion takes one to three years, depending on the size

00:18:08.860 of the pipeline. So let's say a fairly long pipeline like the one from Alberta to the West

00:18:13.440 Coast would be a longer-ish one. In Texas, they'd get it done in three years. Maybe compensating

00:18:19.880 for the terrain between Alberta and British Columbia having to go through the mountains,

00:18:24.400 let's just add another year or two on top of that. At the very least, the Texans are building 1.00

00:18:29.200 pipelines in half the time that Canada is and with no government money. Maybe there's some loans 0.94

00:18:35.080 along the way, but that's very different compared to the government literally just spending 44

00:18:40.880 billion taxpayer dollars building a pipeline on top of the Pathways Project, on top of the

00:18:46.840 increased carbon tax. The whole thing is just stupid. Maybe it gets built one day. I don't 1.00

00:18:54.140 exactly trust the thing. And I actually did like the response here from conservative finance

00:18:59.700 critic Michael Chong, who actually went after the fact that there's just all this money being

00:19:05.000 promised all over the place for these new projects with no actual idea of how we're going to be

00:19:10.140 spending it. I'm just going to read a little bit of this and then that should be it for us today.

00:19:14.780 So he says in the header here, my statement on Mr. Carney's complete lack of fiscal transparency

00:19:20.500 on his recent spending announcements

00:19:22.240 totaling about $100 billion.

00:19:25.680 And that's literally one-tenth

00:19:27.640 of the entire Canadian economy right now.

00:19:30.020 It says the Honorable Michael Chong,

00:19:31.640 Conservative Shadow Minister for Finance,

00:19:33.860 released the following statement

00:19:34.740 on Mr. Carney's lack of fiscal transparency.

00:19:37.860 Quote, Prime Minister Carney

00:19:39.260 has announced about $100 billion

00:19:41.200 in new spending in recent weeks,

00:19:43.420 including at least $30 billion annually

00:19:45.860 for defence by 2030,

00:19:48.100 up to $43.7 billion for a new oil pipeline from Alberta to the West Coast,

00:19:53.620 and up to $20 billion for new infrastructure projects in British Columbia

00:19:57.640 without telling Canadians where the money to pay for all that will come from.

00:20:02.400 As Mr. Carney attends the NATO summit this week,

00:20:04.840 he will no doubt be touting his defense spending increases,

00:20:09.380 but Canadians have been left in the dark about exactly how the Liberals

00:20:12.400 will hit their spending targets and how they're going to pay for it.

00:20:15.720 Now, I'm not going to read the rest of this, but I can already answer that question. The way we're hitting our NATO targets is we're just increasing salaries. Increasing salaries, redefining domestic infrastructure for civilian use as being defense infrastructure, and then also committing to buying jets and boats someday in the future.

00:20:37.440 Like, apparently you can just make spending commitments, and that counts as raising your defense spending up to 2% of GDP every year.

00:20:46.420 Michael Chong in that statement later goes on to describe the situation where the parliamentary budget officer has asked three separate times for a breakdown of where the defense spending is actually going, and the government is unable to provide any transparency on where the money is going.

00:21:05.460 and so these guys are going to try and build this new west coast pipeline on time with all the new

00:21:12.500 reconciliation industry hurdles with all the environmental reviews and without getting rid

00:21:18.420 of bill c48 or bill c69 i'm not a pessimist i feel like i'm just a realist here well anyways

00:21:26.180 thank you guys for watching the show that should be it for me today make sure to like the video

00:21:30.220 subscribe leave a comment and of course hit the join button if you guys want to consider becoming

00:21:34.620 a monthly contributing donor to make the channel more sustainable for me and allow me to be less

00:21:39.560 reliant on the very awful YouTube algorithm. Anyways, with all that being said, thank you

00:21:44.700 guys for watching. I'll see you all later.

The National Telegraph - Wyatt Claypool - July 04, 2026

Carney's $44 Billion Pipeline SCAM Exposed： Albertans Get Screwed Again!

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