For most of the past century Canadian foreign policy has struggled, futilely, to resist the north-south axis demanded by our economic relationship with the world’s richest nation. Time and again, Canada has moved into line with U.S. interests because, typically, they can be interpreted as in our interest, too.

Throughout this time, prime minister after prime minister, regardless of party, has stressed trade policies and incentives to diversify Canadian interests, to which business has not seen fit to respond with urgency or vigour.

And why should it? When you lie next to the goose that lays golden eggs, who in their right mind looks elsewhere in the barnyard for a partner? Call it sovereignty with an asterisk.

Despite the worst American recession in 75 years, Canadian exports of good and services to the U.S. still represent 70 per cent of our total exports. No wonder President Barack Obama has paid more attention to Beyoncé in the past five years than to the Canada-U.S. relationship. When you dominate the relationship, what’s to worry about?

As U.S. public and political opinion shifts on climate change, as it is, no one in Canada should be surprised to see the U.S. president shift his stance on the $7.6-billion Keystone pipeline carrying Alberta heavy oil to the U.S. Gulf Coast. We are watching the most inwardly focused president in many generations try to shape his legacy policies. And the Canadian relationship simply does not factor into it.

You don’t need to read tea leaves to know the president will reject Keystone, or approve it with conditions so draconian its construction will prove nearly impossible. You simply have to read his lips. Like when he said in Tennessee last week, “They keep talking about this — an oil pipeline coming down from Canada that’s estimated to create about 50 permanent jobs — that’s not a jobs plan.”

Some folks, to paraphrase the president, see in his needlessly disparaging (and wildly inaccurate) rhetoric the destruction of the oilsands industry and subsequent disintegration of Canada’s recent economic gains.

Instead they should recognize the amazing opportunity given Canada.

Previous generations of American leadership — and presumably future generations — would make it clear that Canada’s petroleum wealth should be funneled south to help out our neighbour. And Canadian leaders would not argue about it, be they business, labour or government.

By rejecting Keystone, as appears likely, the president is setting Canada free to sell its energy assets where it pleases. In so doing, Canada will take a confident leap forward that I suspect will surpass NAFTA in economic and psychological importance.

The process of moving energy east or west, or even north, will be politically messy. But it will get done, and on Canadian terms alone. And when it is done, and that energy is moving to Asia and likely Europe, Canada’s relationship with the U.S. will have changed forever and for the better.

When the hand-wringing stops and the digging begins, Canadians will realize the U.S. president has handed this country the biggest gift we could want: genuine economic sovereignty.

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Thank you, Mr. President. When you want to talk about water, please take your place in line.