Keystone XL Pipeline Project Abandoned After Biden Yanks Permits

SourceForbes
SectorReal Estate
CountryGulf

Share to Linkedin Pipeline company TC Energy formally cancelled the Keystone XL project Wednesday, months after President Joe Biden revoked a construction permit for the controversial $9 billion pipeline designed to carry crude oil from Canada to the United States. Miles of unused pipe, prepared for the proposed Keystone XL pipeline, sit in a lot on October 14, … [+] 2014 outside Gascoyne, North Dakota. TC Energy said it’s working with regulators to wind down the Keystone XL project, which broke ground last year and has already installed roughly 90 miles of pipeline in Alberta, according to the provincial government.

The company had paused new construction and started cutting jobs shortly after Biden revoked the Keystone XL’s permit on his first day in office. The government of Alberta said it’s working to recover the $1. 3 billion in public money the province had invested in the project. “We remain disappointed and frustrated with the circumstances surrounding the Keystone XL project,”...read more...