There’s an alternate reality where Canada — rather than engaging in economic self-destruction — had built the

Northern Gateway, Energy East and Keystone XL pipelines . That reality would have added about 2.5 million barrels of oil a day in

pipeline export capacity . At today’s prices, that would generate $55 billion in revenues or more than one per cent of Canada’s gross domestic product (GDP) annually.

All three pipelines would have boosted GDP by $21 billion per year through operational pipeline activity alone and added more than 62,000 jobs and billions of dollars in annual revenues for the federal and provincial governments.

We could have created tens of thousands of jobs for workers across Canada, increased tax revenues for every province, reduced debt by tens of billions of dollars, boosted funding for social programs and met our North Atlantic Treaty Organization defence spending commitments.

Instead, thanks to federal economic policies that have created stagnation, decline and inflation, we are short tens of billions of dollars in government revenue and countless Canadians have lost an

opportunity for greater prosperity . Canada cannot afford to leave Alberta’s resource wealth , valued at more than $9 trillion, in the ground. The Trans Mountain Expansion (TMX) demonstrates the tremendous economic potential of new pipelines. According to the Bank of Canada, TMX increased Canada’s GDP by 0.25 per cent in the first quarter it was operational.

Plus, global demand for our oil is increasing. Countries around the world, such as Korea, Japan, India, Taiwan and China in Asia and various European nations, have and continue to ask for Canadian energy.

By building pipelines to new markets and through projects utilizing carbon capture utilization and storage, such as the Pathways project,

Canadian energy will be the lowest-emission barrel of heavy oil in the world.

Canadian oil and gas can displace higher-emitting sources of energy being used abroad as well as disrupt and replace energy that’s currently being supplied by undemocratic regimes. For example, Canada could end Europe’s reliance on Russian oil and gas, which continues to finance its invasion of Ukraine. We can also displace heavy oil from Iran and Venezuela, thereby decreasing emissions and contributing to global stability.

These simple facts underscore that Alberta and Canada’s role in advancing global energy security is not merely important; it is essential.

Our province has the means to supply the world with reliable, affordable and responsibly produced energy. That’s why we are committed to doubling our oil and gas production to eight million barrels per day by 2035 while also reducing our emissions.

We’ve already been doing this. Alberta’s oilsands have reduced emissions per barrel by 25 per cent since 2013 and we have kept our overall emissions flat while increasing production.

Not to mention that a high percentage of Alberta oil and gas is also used for products other than combustion, such as carbon fibre used in the automotive, construction and defence industries and asphalt used in paving.

If a new Alberta bitumen pipeline to Canada’s West Coast is approved, Indigenous communities across Alberta and British Columbia stand to benefit from the millions or even billions of dollars in resource wealth.

We want to have Indigenous partners at the table as owners to participate not only as holders of territory, but also as co-owners of a project and an asset that will provide wealth to First Nations for generations.

Alberta was the province that pioneered the model of government backstopping loans for Indigenous communities to develop resources and other projects, and so far we have provided more than $750 million to dozens of projects across the province that will provide more than $1.3 billion in revenue for those Indigenous communities. This model has been adapted by B.C., the federal government and others.

The past six months have made it clear that Canadians nationwide support the growth of our energy sector. A large majority of Canadians in every single province support building a new Alberta oil pipeline to Canada’s West Coast, according to recent polling.

If we want to reduce our dependence on the United States, additional pipelines to the east, west and north coasts should be a given.

If the federal government wants to continue increasing funding for the social programs that Canadians rely on, it needs the revenue from an additional pipeline.

If we want to meet our NATO commitments for defence spending, we need another pipeline.

Ahead of next week’s federal budget , Prime Minister Mark Carney has spoken of the need for Canadians to sacrifice. But that sacrifice would not be necessary if his predecessor government, led by Justin Trudeau, had not implemented policies to landlock Alberta’s natural resources.

Using estimates from the Canadian Energy Regulator, economist Trevor Tombe has calculated that the economic cost of not building pipelines is around $240 billion for Canada.

The Prime Minister should not be focused on sacrifice because before him is a once-in-a-generation opportunity to unlock billions of dollars in wealth and prosperity for Canadians on a level rarely seen in history.

All he has to do is say yes to a new Alberta bitumen pipeline to Canada’s West Coast.

  • How soaring government debt could play a starring role in the next great financial crisis
  • Canada is in a small club of countries with a AAA credit rating. How long can it last?

Read more from our Red Ink series:

  • How soaring government debt could play a starring role in the next great financial crisis
  • Canada is in a small club of countries with a AAA credit rating. How long can it last?