The project has been debated for many years and could well be buried by the new American Democratic administration. According to information from Canadian channels CBC and CTV, Joe Biden intends to cancel, upon his inauguration on January 20, by presidential decree, the very controversial Keystone XL pipeline project between Canada and the United States. According to these two channels, briefing notes from the Democratic transition team to several industrial players indicate that the cancellation of the pipeline permit should be part of Joe Biden’s announcements when he takes office.
The project of the Canadian group TC Energy, of some 8 billion US dollars (6.6 billion euros), is to transport more than 800,000 barrels of oil per day, over nearly 2,000 kilometers, between the province Canadian Alberta and US Gulf of Mexico refineries. Launched in 2008, the pipeline extension project was blocked by former President Barack Obama, then authorized by his successor Donald Trump. It is criticized by environmentalists because of its impact on greenhouse gas emissions.
A problematic cancellation for Alberta, in the midst of economic slump
Alberta Premier Jason Kenney, who supports the project, said in a tweet, “extremely concerned” about reports that Joe Biden could cancel it as early as Wednesday. This province is in the midst of an economic slump with the collapse of oil prices, notably as a result of the coronavirus pandemic.
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.
My full statement: pic.twitter.com/vZjun1IdMH
— Jason Kenney (@jkenney) January 18, 2021
For his part, the leader of the Conservative Party (opposition) Erin O’Toole estimated, in a statement, that such a decision would “devastate thousands of Canadian families already hard hit by the economic crisis”. He called on Prime Minister Justin Trudeau to “communicate immediately with the new US administration to prevent this from happening” and to “stand up for workers across Canada”.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
