Keystone XL Oil Project Abandoned by Developer
Canada’s TC Energy Corp. and the Albertan provincial government said Wednesday they would scuttle the Keystone XL oil pipeline project, bringing to an end a decade long controversy over an effort to pipe more Canadian crude to the U.S.
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.
It is a win for environmentalists who have campaigned to block new pipeline construction as a way to limit oil consumption that contributes to global warming.
TC Energy Corp. stock was trading higher on the news. Also, on the plus side, there will be a sale on stacks of steel pipe, now sitting in Alberta yards.
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.
It is a win for environmentalists who have campaigned to block new pipeline construction as a way to limit oil consumption that contributes to global warming.
TC Energy Corp. stock was trading higher on the news. Also, on the plus side, there will be a sale on stacks of steel pipe, now sitting in Alberta yards.
