• 4 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 7 minutes Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 13 minutes NordStream2
  • 1 min Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 3 hours California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 11 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 4 hours "Here is The Hidden $150 Trillion Agenda Behind The "Crusade" Against Climate Change" - Zero Hedge re: Bank of America REPORT
  • 4 days "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 2 days U.S. : Employers Can Buy Retirement Security for $2.64 an Hour
  • 2 days Nord Stream - US/German consultations
  • 408 days Class Act: Bet You've Never Seen A President Do This.
  • 4 days An Indian Opinion on What is Going on in China
  • 4 days Can Technology Keep Coal Plants Alive and Well?
  • 1 day Forecasts for Natural Gas
  • 2 days Australia sues Neoen for lack of power from its Tesla battery
  • 4 days Storage of gas cylinders
  • 5 days Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.
3 Tech Stocks That Could Change The World

3 Tech Stocks That Could Change The World

Technology is changing everything we…

Refining Billionaire: $100 Oil Is Likely

Refining Billionaire: $100 Oil Is Likely

With oil prices rallying in…

TC Energy Cancels Critical Keystone XL Pipeline

The Keystone XL pipeline project’s owner, TC Energy, said on Wednesday that it has terminated the controversial pipeline project that would have served as a lifeline to Canadian oilsands producers looking for more takeaway capacity.

TC Energy Corporation (NYSE: TRP) confirmed Wednesday that after careful review of the available options and after consulting with the Government of Alberta, it has officially canceled the Keystone XL.

Construction activities were stopped back in January.

The project’s cancellation comes several months after President Joe Biden revoked the Presidential Permit for the pipeline on January 20 of this year, in what was mostly seen as a death blow for the pipeline.

TC Energy will now set to work on how it will wind everything down while continuing to meet its environmental and regulatory commitments.

Canada had previously warned the United States that scrapping the vital oil pipeline would weaken relationships between the two countries.

Proponents of the Keystone XL project have argued that scrapping the Keystone XL would not diminish the demand for the heavy crude oil that the pipeline would have carried to U.S. refineries. Instead, it would merely raise the United States’ dependence on crude oil from OPEC countries. An argument has been made that it would also kill jobs on both sides of the border.

It was suggested back in January that if TC Energy did not challenge the permit rescission in court or through NAFTA, it might sell some of the pipes from the project to offset some of what has been invested so far.

As of February, Alberta had spent $1.2 billion on the project so far.

The Keystone XL would have carried 800,000 bpd of oil per day from Canada to the United States.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News