• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

2

Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place

3

Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster

1

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

2

Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place

3

Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
PoliticsDonald Trump

Premier of oil-rich Alberta says Americans will pay a lot more for gas if Donald Trump imposes 25% tariffs on Canada

By
Rob Gillies
Rob Gillies
and
The Associated Press
The Associated Press
Down Arrow Button Icon
By
Rob Gillies
Rob Gillies
and
The Associated Press
The Associated Press
Down Arrow Button Icon
December 20, 2024, 4:33 AM ET
Danielle Smith, Alberta's premier
Danielle Smith, Alberta's premierDavid Kawai/Bloomberg via Getty Images
Add Fortune on Google for similar content.

The premier of Canada’s oil-rich province of Alberta said on Thursday that Americans will pay a lot more for gas if President-elect Donald Trump imposes a 25% tariff on all Canadian products.

Recommended Video

Alberta Premier Danielle Smith said in an interview with The Associated Press that American refineries won’t have much choice but to increase the price of gas. Alberta provides 4.3 million barrels of oil a day to the United States.

“We would be responsible for about 25% of the American need for energy,” Smith told the AP.

The U.S. tends to consume about 20 million barrels a day, according to the U.S. Energy Information Administration. It has also been producing domestically about 13.2 million barrels daily.

“They are going to have to increase the price of gasoline by 25%,” Smith said. “Do Americans really want to pay an extra buck a gallon on gasoline?”

“The president-elect has also talked about his desire to keep things like fuel prices low,” she added.

Trump said the U.S. “subsidizes” Canada and is threating to impose the tariffs on all Canadian goods. He also wants Canada to stem what he calls a flow of migrants and drugs into the U.S. — even though far fewer of each crosses into the U.S. from Canada than from Mexico, which Trump has also threatened.

About 60% of U.S. crude oil imports are from Canada. Alberta has about a trillion barrels of oil, 200 billion of which are recoverable.

Smith said the U.S. faces a problem.

“If you don’t get it from Canada there aren’t a lot of great places you can get it from. You can get it from Venezuela or Iran or Iraq,” Smith said.

“I would humbly argue that Canada is a better friend and ally than any of those jurisdictions,” she added.

Smith also said Canada has a particular type of oil that American refineries need. She said they just need to make sure there are more pipelines.

The sponsor of the Keystone XL crude oil pipeline pulled the plug on that contentious pipeline in 2021, after Canadian officials failed to persuade President Joe Biden to reverse his cancellation of its permit on the day he took office.

Smith would love to get more pipelines approved during Trump’s tenure. She noted Alberta’s government took a billion dollar hit when Keystone XL was nixed as the government backstopped costs.

Smith also noted that Canada has critical minerals the U.S. needs, and that China is banning the export of some minerals to the U.S.

“The U.S. has major aspirations to continue building out its AI data centers and critical minerals are going to be central to that,” Smith said. “Canada has virtually everything the Americans are going to need.”

Canada has 34 critical minerals and metals that the Pentagon is eager for and is also the largest foreign supplier of steel, aluminum and uranium to the U.S.

Nearly $3.6 billion Canadian dollars ($2.7 billion) worth of goods and services cross the border each day. Canada is the top export destination for 36 U.S. states.

Smith responded to a social media post by Trump this week about Canada’s trade surplus, saying the U.S. has a deficit with Canada because Canada sends billions of dollars’ worth of raw materials like oil, gas and timber to U.S. refineries and factories. Smith said the U.S. relies on raw materials from Canada “to make trillions of dollars of wealth in your country.”

About 60% of U.S. crude oil imports and 85% of U.S. electricity imports are from Canada.

Canada’s ambassador to Washington, Kirsten Hillman, has said the U.S. had a $75 billion trade deficit with Canada last year. But she noted a third of what Canada sells into the U.S. is energy exports and said there is a deficit when oil prices are high.

Smith also addressed the uncertainty in Ottawa with Canadian Prime Minister Justin Trudeau facing calls from within his own party to resign.

Trudeau, whose mandate expires next year, is expected to reshuffle his Cabinet on Friday as the crisis mounts.

Smith also called for an election so that Canada would become stronger at the negotiating table with Trump.

“We don’t have a leader of our country who has a four year mandate,” Smith said. “It would be a lot stronger to have a prime minister who says ‘OK we’ve got four years to battle this out, you are not getting rid of me so let’s talk turkey’.”

Subscribe to Fortune Gulf Brief. Every Tuesday, this new newsletter delivers clear-eyed, authoritative intelligence on the deals, decisions, policies, and power shifts shaping one of the world’s most consequential regions, written for the people who need to act on it. Sign up here.
About the Authors
By Rob Gillies
See full bioRight Arrow Button Icon
By The Associated Press
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in Politics

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Politics

U.S. official says $6 billion in frozen Iranian assets will be released, while Oman discusses possible Hormuz service fees with Tehran
PoliticsIran
U.S. official says $6 billion in frozen Iranian assets will be released, while Oman discusses possible Hormuz service fees with Tehran
By Jon Gambrell, Josh Boak and The Associated PressJune 29, 2026
2 hours ago
alan
LawSupreme Court
Supreme Court to Alan Dershowitz: take a hike with your $300 million defamation suit against CNN
By Lindsay Whitehurst and The Associated PressJune 29, 2026
7 hours ago
acb
PoliticsSupreme Court
One of Trump’s Supreme Court appointees just saved the late mail ballots he hates so much
By Mark Sherman and The Associated PressJune 29, 2026
7 hours ago
lc
PoliticsSupreme Court
Supreme Court rules against Donald Trump in his quest to fire Fed Governor Lisa Cook — for now
By Mark Sherman and The Associated PressJune 29, 2026
7 hours ago
aus
LawSocial Media
Australia’s under-16 social media ban is failing, so the government is (literally) doubling down
By Rod McGuirk and The Associated PressJune 29, 2026
9 hours ago
swisher
Politicspodcasts
‘Podcasts are the NBA’: Scott Galloway on Kara Swisher’s big success — ‘there’s a small amount of people making a lot of money’
By Steven Sloan and The Associated PressJune 29, 2026
9 hours ago

Most Popular

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
Success
MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
By Sydney LakeJune 25, 2026
5 days ago
Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place
Success
Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place
By Sydney LakeJune 29, 2026
7 hours ago
Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
Success
Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
By Preston ForeJune 27, 2026
3 days ago
The retired college professor fighting a $313 trespassing ticket in Wisconsin thinks he's part of a national struggle
Environment
The retired college professor fighting a $313 trespassing ticket in Wisconsin thinks he's part of a national struggle
By Catherina GioinoJune 28, 2026
2 days ago
Cristiano Ronaldo is soccer's first-ever billionaire: He went from begging for burgers outside McDonald's to landing a $400 million contract
Success
Cristiano Ronaldo is soccer's first-ever billionaire: He went from begging for burgers outside McDonald's to landing a $400 million contract
By Preston ForeJune 28, 2026
1 day ago
Ex-Google engineer says Larry Page, Sergey Brin and Sundar Pichai share the same trait—it's the lesson he swears by as a $7.2 billion AI CEO
Success
Ex-Google engineer says Larry Page, Sergey Brin and Sundar Pichai share the same trait—it's the lesson he swears by as a $7.2 billion AI CEO
By Orianna Rosa RoyleJune 28, 2026
1 day ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.