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The Suncor Energy Refinery is seen during extreme cold weather in Edmonton, AB, Canada, on Feb. 3, 2025.

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HOUSTON — The deeply integrated North American oil and gas market stands at crossroads, with Canada’s largest oil producer warning that it will diversify its exports away from the United States if President Donald Trump‘s tariff threats do not end.

Alberta Premier Danielle Smith on Wednesday presented two possible futures for the continent. In one, Canada and the U.S. reach an agreement to create “Fortress North America,” with new pipeline capacity built to support 2 million barrels per day in additional exports to the U.S. market, Smith said at the CERAWeek energy conference.

This will support Trump’s “energy dominance” agenda, Smith said, allowing the U.S. to increase its exports to the global market by backfilling those barrels with imported oil from a neighbor and close ally. It will maintain low consumer prices in the U.S., she said, which is also part of the agenda Trump campaigned on.

Alberta wants to supply the U.S. with the energy it needs to win the race against China to achieve dominance in artificial intelligence, Smith said. “I don’t think any of us want to see a communist, totalitarian regime become a world, global leader in AI,” the premier said.

In the other future, Trump continues to wage his trade war against Canada and Alberta starts looking for oil and gas customers beyond the U.S., Smith said.

Canada is the fourth largest oil producer in the world and Alberta is the country’s biggest producer. Some 97% of the country’s 4 million bpd of oil exports went to the U.S. in 2023 with several European nations and Hong Kong taking the remainder, according to Canada’s energy regulator. Alberta supplied 87% of the oil exported from Canada to the U.S. in 2023.

“There are at least six or seven projects that are emerging in Canada in the event we’re not able to come to a partnership agreement with the U.S.,” Smith said.

The uncertainty caused by Trump’s tariff threats has already forced Alberta to start “looking at more opportunities to get more barrels off our borders besides the United States,” provincial energy minister Brian Jean said Tuesday.

Alberta is in active discussions with South Korea, Japan and European nations about shipping oil exports to those countries, the energy minister said. “The truth is we’re looking in every direction right now except the United States in relation to our priorities,” Jean said.

Canada looks to Europe, Asia

Trump’s tariffs have roiled financial markets and caused confusion among investors over the past week. The president on Wednesday imposed 25% tariffs on steel and aluminum imports from Canada. He has paused until April 2 penalties on Canadian oil and gas as well as duties on other goods that are compliant with the trade agreement that governs North America.

The Trump administration has not provided clarity on how much of Canada’s energy exports to the U.S. conform to the trade agreement. Oil and gas that is not compliant would face a 10% tariff. U.S. Energy Secretary Chris Wright declined to provide details when asked Monday by CNBC.

Smith said Wednesday that Canadian oil producers are busy filling out paperwork to ensure that their exports to the U.S. are compliant.

“There was a bit of a paperwork issue that our companies had,” Smith said. “There was no reason to register, and so now there is. I would imagine that they’ve all called their lawyers and they’re in compliance. I wouldn’t expect very much of our oil and gas is tariffed at all.”

But it is unclear whether Trump will proceed with tariffs when his pause expires on April 2. Wright said Monday a deal with Canada that avoids tariffs on oil, gas and other energy is “certainly is possible” but “it’s too early to say.”

“We can get to no tariffs or very low tariffs but it’s got to be reciprocal,” Wright said in an interview with CNBC’s Brian Sullivan.

Energy Sec. Wright: We can get to no or very low tariffs, but it's got to be reciprocal

It will take time for Alberta to pivot to markets beyond the U.S. if the tariffs do go into effect. Nearly all the pipelines in Canada run south to the U.S. Canada only has one pipeline stretching from Alberta to the country’s West Coast in British Columbia, providing access to Asian markets. There are no pipelines that run from Alberta to the country’s East Coast.

Smith said Canada is looking at three different pipeline proposals to its West Coast, at least one pipeline into the Northwest Territories, one into Manitoba, one to the Hudson Bay, and one into Eastern Canada.

“Those are conversations we were not having three months ago,” Jean said of the pipelines. But it took 12 years for Canada to expand its Trans Mountain Pipeline that connects to the country’s West Coast.

Alberta is not interested in taking a page from Ontario’s playbook, Jean said Tuesday. Premier Doug Ford imposed a 25% surcharge on electricity exported to the U.S. in response to Trump’s tariffs. He later suspended the penalty after the U.S. agreed to resume talks.

 “We don’t believe that that this is the right way to do it,” Jean said of Alberta’s position. “We want to deescalate the situation.”

Canada has presented the U.S. with several options, the Alberta energy minister said. Jean declined to provide specifics, but he said the Trump administration needs a strong strategic petroleum reserve to achieve its goal of energy dominance.

“It also means that they have to be able to continue to get a good steady supply of product from Canada,” he said.

If the tariffs go do into effect, they will hurt both Canadians and Americans, particularly people who cannot afford a price increase, he said. The price hike will be split “fairly evenly” between U.S. customers and producers in Canada, he said.

“It’s going to be felt by all parties and frankly there’s many people right now […] that can’t afford it,” he said. “We need to think about those people because they’re the less fortunate that truly have no other choice but to buy fuel.”

Jean took a swipe at Trump’s repeated calls for Canada to become the 51st state.

“As long as we’re in charge, we don’t mind,” Jean said. “But the truth is the Republicans would never be elected again.”

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Troubling times for Tesla, Nissan, and Dodge – plus some fun yellow stuff!

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Troubling times for Tesla, Nissan, and Dodge – plus some fun yellow stuff!

Tesla’s Q2 results are in, and they are way, way down from Q2 of 2024. At the same time, Nissan seems to be in serious trouble and the first-ever all-electric Dodge muscle car is getting recalled because its dumb engine noises are the wrong kind of dumb engine noises. All this and more on today’s deeply troubled episode of Quick Charge!

We’ve also got an awesome article from Micah Toll about a hitherto unexplored genre of electric lawn equipment, a $440 million mining equipment deal, and a list of incompetent, corrupt, and stupid politicians who voted away their constituents’ futures to line their pockets.

Prefer listening to your podcasts? Audio-only versions of Quick Charge are now available on Apple PodcastsSpotifyTuneIn, and our RSS feed for Overcast and other podcast players.

New episodes of Quick Charge are recorded, usually, Monday through Thursday (and sometimes Sunday). We’ll be posting bonus audio content from time to time as well, so be sure to follow and subscribe so you don’t miss a minute of Electrek’s high-voltage daily news.

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Drop us a line at tips@electrek.co. You can also rate us on Apple Podcasts and Spotify, or recommend us in Overcast to help more people discover the show.


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Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.

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OpenAI says Robinhood’s tokens aren’t equity in the company

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OpenAI says Robinhood's tokens aren't equity in the company

Jaque Silva | Nurphoto | Getty Images

OpenAI is distancing itself from Robinhood‘s latest crypto push after the trading platform began offering tokenized shares of OpenAI and SpaceX to users in Europe.

“These ‘OpenAI tokens’ are not OpenAI equity,” OpenAI wrote on X. “We did not partner with Robinhood, were not involved in this, and do not endorse it.”

The company said that “any transfer of OpenAI equity requires our approval — we did not approve any transfer,” and warned users to “please be careful.”

Robinhood announced the launch Monday from Cannes, France, as part of a broader product showcase focused on tokenized equities, staking, and a new blockchain infrastructure play. The company’s stock surged above $100 to hit a new all-time high following the news.

“These tokens give retail investors indirect exposure to private markets, opening up access, and are enabled by Robinhood’s ownership stake in a special purpose vehicle,” a Robinhood spokesperson said in response to the OpenAI post.

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Robinhood offered 5 euros worth of OpenAI and SpaceX tokens to eligible EU users who signed up to trade stock tokens by July 7. The assets are issued under the EU’s looser investor restrictions via Robinhood’s crypto platform.

“This is about expanding access,” said Johann Kerbrat, Robinhood’s SVP and GM of crypto. “The goal with tokenization is to let anyone participate in this economy.”

The episode highlights the dynamic between crypto platforms seeking to democratize access to financial products and the companies whose names and equity are being represented on-chain

U.S. users cannot access these tokens due to regulatory restrictions.

Robinhood hits record high as OpenAI, SpaceX go on-chain

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BYD launches new discounts, offering +50% off smart driving tech

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BYD launches new discounts, offering +50% off smart driving tech

Despite the warnings, BYD continues introducing new discounts. On Wednesday, BYD’s luxury off-road brand began offering over 50% Huawei’s smart driving tech.

BYD introduces new discounts on smart driving tech

After BYD cut prices again in May, the China Automobile Manufacturers Association (CAMA) warned that the ultra-low prices are “triggering a new round of price war panic.”

Although they didn’t single out BYD, it was pretty obvious. BYD slashed prices across 22 of its vehicles by up to 34%, triggering several automakers to follow suit in China.

BYD’s cheapest EV, the Seagull, typically starts at about $10,000 (66,800 yuan). After the price cuts, the Seagull is listed at under $8,000 (55,800 yuan).

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It doesn’t look like China’s EV leader plans to slow down anytime soon. Fang Cheng Bao, BYD’s luxury off-road brand, introduced new discounts on Huawei’s smart driving tech on Wednesday.

The limited-time offer cuts the price of Huawei’s Qiankun Intelligent Driving High-end Function Package to just 12,000 yuan ($1,700).

BYD-new-discounts
BYD Fang Cheng Bao 5 SUV testing (Source: Fang Cheng Bao)

Buyers who order the smart driving tech in July will save over 50% compared to its typical price of 32,000 yuan ($4,500).

Earlier this year, Fang Chang Bao launched the Tai 3, its most affordable vehicle, starting at 139,800 yuan ($19,300). The Tai 3 is about the size of the Tesla Model Y, but costs about half as much.

BYD-Tai-3-electric-SUV
BYD Fang Cheng Bao Tai 3 electric SUV (Source: Fang Cheng Bao)

The Tai 3 will spearhead a new sub-brand of electric SUVs following the more premium Bao 8 and Bao 5 hybrid SUVs.

BYD’s luxury off-road brand sold 18,903 vehicles last month, up 50% from May and 605% compared to last year. Fang Cheng Bao has now sold over 10,000 vehicles for three consecutive months.

The Chinese EV giant sold 382,585 vehicles in total in June, an increase of 12% from last year. In the first half of the year, BYD’s cumulative sales reached over 2.1 million, a YOY increase of 33%.

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