Biden may cancel Keystone XL pipeline first day on job

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The Canadian Press and other media are reporting that after Joe Biden is inaugurated this Wednesday as President, he will immediately sign an executive order to rescind the Keystone XL construction permit that Donald Trump granted in 2019. The reports are based on The Canadian Press viewing Biden’s transition documents.

The pipeline is owned by Calgary-based TC Energy Corp. [TRP-TSX] and would transport 830,000 additional barrels of diluted bitumen from the oilsands in Alberta to refineries along the U.S. Gulf Coast.

Jason Kenney, Premier of Alberta, released a statement on Sunday January 17. “I am deeply concerned by reports that the incoming administration of President-elect Joe Biden may repeal the Presidential permit for the Keystone XL border crossing next week. Doing so would kill jobs on both sides of the border, weaken the critically important Canada-US relationship, and undermine US national security by making the United States more dependent on OPEC oil imports in the future.”

He went on to note that in 2019 the United States imported 9.14 million barrels per day of petroleum, 3.7 million of which came from Canada. The rest came from other countries, like Venezuela and Saudi Arabia, none of whom share the commitment of the Canada and the United States to environmental stewardship, combatting climate change, or North American energy security.

American labour unions that backed President-elect Biden’s bid for president, support the pipeline as well as First Nations that have signed partnership agreements. In a telephone meeting last November, Prime Minister Trudeau brought up the subject, agreeing “to engage on key issues, including energy … cooperation such as Keystone XL.”

In a press release, TC Energy said: “TC Energy Corp. has a new sustainable energy initiative for the Keystone XL project. The company will achieve net zero emissions across the project operations when it is placed into service in 2023 and has committed the operations will be fully powered by renewable energy sources no later than 2030.”

The Hon. Erin O’Toole, Leader of Canada’s Conservatives and the Official Opposition, released the following statement addressing reports that President-elect Joe Biden will cancel the Keystone XL pipeline extension:
“If true, this move will devastate thousands of Canadian families who have already been badly hurt by the economic crisis. We need a recovery for all Canadians, in every part of Canada, in every sector – including energy. Keystone XL is a project of national significance that supports countless workers on both sides of the border.”

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