03:31 PM EDT, 05/20/2026 (MT Newswires) -- Prime Minister Mark Carney said people in British Columbia should see "substantial economic and financial benefits" from a proposed new oil pipeline to the province's coast, which BC Premier David Eby opposes, Bloomberg is reporting Wednesday.

Last Friday, the neighboring province of Alberta signed a deal with Carney on energy rules, helping pave the way for a pipeline it is proposing to carry 1 million barrels of crude a day to the west coast for shipment to Asian markets, the report noted.

It faces environmental and Indigenous resistance in BC, the report also noted.

In an address to the Greater Vancouver Board of Trade, Carney said it would only be built under three conditions: benefits for BC, the building of a massive carbon capture project and consultation with Indigenous people.

One item on the agenda is a national harmonized levy on carbon, Carney said. Last week's deal with Alberta included a lower carbon price than the previous federal minimum. The new lower figure will also now apply for all provinces, according to the government's website.

The prime minister said he'll engage with BC and other provinces about the new threshold.

(Market Chatter news is derived from conversations with market professionals globally, and/or from other media sources. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)