Jump to content
 
Search In
  • More options...
Find results that contain...
Find results in...

Keystone XL pipeline nixed after Biden stands firm on permit


MovieMadness
 Share

Recommended Posts

Keystone XL pipeline nixed after Biden stands firm on permit

The sponsor of the Keystone XL crude oil pipeline pulled the plug on the contentious project Wednesday after Canadian officials failed to persuade President Joe Biden to reverse his cancellation of its permit on the day he took office.

Calgary-based TC Energy said it would work with government agencies “to ensure a safe termination of and exit" from the partially built line, which was to transport crude from the oil sand fields of western Canada to Steele City, Nebraska.

Construction on the 1,200-mile (1,930-kilometer) pipeline began last year when former President Donald Trump revived the long-delayed project after it had stalled under the Obama administration. It would have moved up to 830,000 barrels (35 million gallons) of crude daily, connecting in Nebraska to other pipelines that feed oil refineries on the U.S. Gulf Coast.

Biden canceled the pipeline's border crossing permit in January over longstanding concerns that burning oil sands crude could make climate change worse and harder to reverse.

Canadian Prime Minister Justin Trudeau had objected to the move , raising tensions between the U.S. and Canada. Officials in Alberta, where the line originated, expressed frustration in recent weeks that Trudeau wasn't pushing Biden harder to reinstate the pipeline’s permit.

Alberta invested more than $1 billion in the project last year, kick-starting construction that had stalled amid determined opposition to the line from environmentalists and Native American tribes along its route.

*****************************************

Get ready for higher gas prices thanks to Biden cancelling pipelines and drilling, just like Jimmy Carter and Obama did as well. Less supply means higher prices for those who can't figure it out yet.

  • Haha 1
Link to comment
Share on other sites

56 minutes ago, MovieMadness said:

 

Get ready for higher gas prices thanks to Biden cancelling pipelines and drilling, just like Jimmy Carter and Obama did as well. Less supply means higher prices for those who can't figure it out yet.

Only half true.  The other side of the equation is demand.

And nixing a pipeline today does nothing regarding near-term oil or gasoline prices.  Even if the project was approved and started today, it would be  several years before any oil made it's way to Cushing, OK and on to refiners or overseas via ports on the Gulf of Mexico.  You could argue that cancellation might affect futures pricing - as that's a whole other thing - but it doesn't make a difference in prices you'll see at the pump over the near term.

About 100,000,000 barrels of petroleum are produced each and every day globally.  The Keystone XL pipeline would have transported  about 800,000 barrels of crude per day.   So the Keystone XL pipeline would have carried about  0.8% of the global market.  The oil that would have been carried by Keystone XL will still find its way to market - just not as fast as if the XL pipeline had been built.

 

  • Thanks 2
Link to comment
Share on other sites

As usual Madman and his sources are biased and present an inaccurate picture of the truth.  Txfilmfan got it right, so won't repeat what he said.

A major problem is the huge amount of energy to turn the oil sands into a fluid that could actually go through a pipeline.  As for jobs, only about 50 permanent jobs would be created for the entire pipeline.

Funny that Madman rants about the possibility of gas prices going up, but never says a word when they come down.  Or the increases do not occur.

Regular gas is $2.59 in my area of S.C. at top tier stations.

  • Like 1
Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share

© 2022 Turner Classic Movies Inc. All Rights Reserved Terms of Use | Privacy Policy | Cookie Settings
×
×
  • Create New...