TC Energy Officially Scraps Keystone XL Project

The Keystone XL pipeline, which has garnered a lot of controversy over the past several years, has officially been cancelled for good.

On Wednesday, TC Energy confirmed it had terminated the entire pipeline project, which was expected to transport crude from Canada’s oilsands to refineries in the US. Following Joe Biden’s inauguration in January, the new Biden administration decided to revoke the Presidential Permit, citing environmental concerns. In response, the Canadian government cautioned against the move, suggesting it would weaken relations between the two neighbouring countries.

Advocates in favour of the pipeline have argued the terminating the Keystone XL will not curtail the demand for crude oil, but rather boost America’s dependence on imports from OPEC economies. In addition, the pipeline’s termination will also kill thousands of jobs in both Canada and the US.

Going forward, TC Energy said its next step is to determine how to wind down all Keystone XL-related work, while also meeting its regulatory and environmental obligations. Back in January, it was proposed that in the event TC Energy did not challenge the permit termination via NAFTA or in court, the company could sell some of the project’s supplies to help offset the costs associated with the pipeline, of which the Alberta government has sunk $1.2 billion thus far.


Information for this briefing was found via TC Energy. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Mergers Set the Stage for Uranium’s Growth Cycle | Forum-Baselode Merger

The Goal is Gold Production as Soon as Possible! | Gordon Robb – ESGOLD Corp.

Snowline Gold: The Multi Billion Dollar Valley PEA

Recommended

First Majestic Produces 7.9 Silver Equivalent Ounces In Q2, Lifts Production Guidance

Antimony Resources Drills 4.17% Antimony Over 7.4 Metres At Bald Hill

Related News

US Regulator Directs TC Energy To Reduce Keystone Pipeline Operating Pressure After Kansas Oil Spill

The US Pipeline and Hazardous Materials Safety Administration (PHMSA) said on Tuesday that it would...

Wednesday, March 8, 2023, 10:11:00 AM

Biden Administration Temporarily Suspends Oil, Gas Drilling on Public Lands for 60 Days

Following the presidential inauguration on Tuesday, the Biden administration promised to act on its climate...

Saturday, January 23, 2021, 03:09:00 PM

Moe Declares Pipeline Permits ‘Pre-Approved’ as Trump Renews Keystone Push

Saskatchewan Premier Scott Moe announced Wednesday that all pipeline permits for routes heading east, west,...

Thursday, February 27, 2025, 08:40:00 AM

Trump Wants Keystone XL Pipeline “Now” After Saying The US Doesn’t Need Canadian Oil

President Donald Trump has once again stirred controversy by calling for the resurrection of the...

Tuesday, February 25, 2025, 11:19:00 AM

Trump Wants Keystone XL Back—But Can He Do It In A Changed Oil Market?

In a bold and controversial move, U.S. President-elect Donald Trump reportedly aims to revive the...

Thursday, November 21, 2024, 11:54:00 AM