OTTAWA — Alberta Premier Danielle Smith is calling for Ottawa to approve a new heavy oil pipeline to the West Coast by the fall, saying that a United States-backed Venezuela threatens to undercut Canada in the global energy market. The U.S. sent shockwaves through the global energy landscape last weekend with a daring raid of oil-rich Venezuela, culminating in the apprehension of socialist dictator Nicolas Maduro and his wife. Canada and Venezuela produce similar grades of heavy oil, meaning that Venezuelan oil can plausibly displace the Canadian product that currently flows into U.S. refineries. Canadian oil stocks have tumbled on news of the incursion, losing $8 billion of stock market value in just four days. The U.S. is by far the biggest customer for Canadian oil, accounting for more than 90 per cent of all exports.

Source: National Post January 09, 2026 22:22 UTC