Donald Trump hinted on Truth Social that the Keystone XL project, long cancelled by two U.S. presidents, could be revived as part of a trade deal, saying the pipeline may be “awoken from the grave.” The expansion would transport 830,000 barrels per day of heavy crude from Alberta to refineries on the U.S. Gulf Coast.

Mark Carney is trying to lessen Canada’s reliance on the United States after new tariffs, while Alberta Premier Danielle Smith pushes to double provincial output and sees Keystone as one of several pipeline routes. Analysts such as Adam Waterous argue a revival would bolster U.S. energy security as shale production wanes, and Lisa Baiton notes Canada already supplies more than 4 million barrels daily, about 60 % of U.S. crude imports.

Yet building new pipelines would require massive capital, estimated at $100bn, and investors demand returns. Eric Nuttall warns Alberta must incentivize growth, and trade tensions raise doubts about deeper integration, according to Kevin Birin. Still, investors like Cole Smead remain confident that several pipeline projects will move forward.