It’s official. Because of the actions Joe Biden took on his first day in office, the Keystone oil pipeline – along with thousands of jobs – is now dead as the company that was going to develop the pipeline has walked away from the project out of frustration.
“Canada’s TC Energy Corp. TRP +0.21% and the Albertan provincial government said Wednesday they would scuttle the Keystone XL oil pipeline project, bringing to an end a yearslong controversy over an effort to pipe more Canadian crude to the U.S.,” according to the Wall Street Journal.
“The decision had been expected after President Biden used his first day in office to revoke a key permit for the pipeline to cross the country’s northern border, shutting down construction. [emphasis added]
“It marks a historic victory for environmentalists who for a decade have made Keystone XL the focus of a campaign to block new pipeline construction as a way to limit oil consumption that contributes to global warming.
“TC Energy gave little explanation for its final decision in a Wednesday news release. It alluded to Mr. Biden’s decision and said it had completed a comprehensive review of its options before making the final decision to terminate the project. It said that going forward it would build its businesses in shipping and storing natural gas, liquid fuels and power to meet growing North American demand for cleaner fuels.” [emphasis added]
For more of this report, go to the Wall Street Journal.
Please share your reaction to the death of the Keystone oil pipeline by emailing [email protected]. Do you agree or disagree with the actions Biden took that resulted in the termination of the pipeline?