Start your day off right with five things you need to know this morning.
Five things you need to know
Canada's oil industry is working hard to resist Danielle Smith and Mark Carney's plans for a higher carbon tax on industrial emissions as pressure increases on Ottawa to deliver a new pipeline to the Pacific coast. The Carney-Smith memorandum of understanding, which was announced last November, included a minimum carbon tax of $130 per ton of CO2e, but some oil companies would rather operate without a carbon tax at all, as many of their rivals around the world do. Cenovus Energy CEO Jon McKenzie told Bloomberg News: "Things like the industrial carbon tax are things that make us uncompetitive. And those are the things that need to be reformed or removed if we’re going to form capital in this industry and grow in a meaningful way." Brian Schmidt of Tamarack Valley Energy, meanwhile, pointed to the Pathways carbon capture project, estimate to cost over $16 billion, stressing that "other areas of the world" don't have such facilities and that, contrary to claims made by the Liberals, "I don’t think the consumers are paying any more for barrels that have less carbon intensity.” The article adds that, amid an Alberta separatist movement and a global energy crisis: "Oil executives know that the situation has turned in their favor [sic]." But Alberta Energy Minister Brian Jean said that without a "climate competitive" plan from the industry, "we’re not going to see any pipeline."
That will be very senseless and uncompetitive for sure https://t.co/fdAnKB37L8
— Tosin Omole, CFA, CFP, FRM, CPA, CMA (@molecci) May 4, 2026
Mark Carney, meanwhile, has said a new pipeline for Alberta oil is "more likely than not," but refused to provide any details. He said: “It’s all part of a bigger package. We’re making progress on that bigger package. Part of our job is to figure out ways to make that work, to make it work that’s combined with reducing the emissions associated with oil." Carney also said he won't use energy or minerals as "leverage" against the US ahead of trade talks with Canada's most important partner. He added: "Should we be further integrating our energy markets with the United States at a time they view that as, quote, ‘leverage’?”
Prime Minister Mark Carney says a new oil pipeline out of Alberta is “more likely than not" https://t.co/B1WiIBSCiH
— CityNews Calgary (@citynewscalgary) May 1, 2026
In yet more Carney news, the prime minister has announced that Canada will send another $270 million of cash to Ukraine to help the beleaguered country defend itself against Russian invaders. Canada has given Ukraine more than $25 billion since Russia invaded in 2022. Speaking Armenia alongside European leaders, Carney added: “As the rules-based order ... is rebuilt, it will be rebuilt in Europe."
I am grateful to Canada for its strong support of the PURL initiative. The additional $200 million announced today by Prime Minister @MarkJCarney is an important contribution to protecting our people from Russia's constant ballistic strikes. In total, Canada has already allocated… pic.twitter.com/5MZ6EMnMyg
— Volodymyr Zelenskyy / Володимир Зеленський (@ZelenskyyUa) May 4, 2026
In Russia, meanwhile, Vladimir Putin is reportedly so afraid of being assassinated that his security team has "sharply tightened" its protocols for protecting the president, with the result being that Putin "spends more time in underground bunkers." The Financial Times, quoting "people who know Putin in Moscow," reports that the Russian leader is scared of a potential coup d’état or drone-led assassination attempt. It comes amid increasing Ukrainian drone attacks deep inside Russian territory, including against vital energy infrastructure.
NEW: Russia has sharply tightened security around Putin as fears rise of an assassination attempt involving drones, sources say. He’s often in underground bunkers micromanaging the Ukraine invasion and has grown more detached from civilian affairs. https://t.co/zryNyxwRoR
— max seddon (@maxseddon) May 4, 2026
A senator has claimed Canada's upper chamber has degenerated into "cronyism" as nominations through the Independent Advisory Board for Senate Appointments are no longer being accepted despite nine vacancies. Sen. Marilou McPhedran said the change represents "the end of an era," adding: "This is the end of senators being appointed through what is largely a community-driven selection process at arm’s length from the patronage of the Prime Minister’s Office."
Senator says growing list of vacancies signals 'the end of an era' for independence, @cathhmorrison reports https://t.co/Rv3hkYFJsl
— National Newswatch (@natnewswatch) May 3, 2026
