It’s not too late to approve Keystone XL, Alberta’s premier says
BNN Bloomberg
TC Energy Corp.’s Keystone XL crude pipeline could be built by the first quarter of next year if the Biden administration were to reverse its decision to cancel the project.
TC Energy Corp.’s Keystone XL crude pipeline could be built by the first quarter of next year if the Biden administration were to reverse its decision to cancel the project.
Construction of the controversial pipeline, which would have raised the capacity of Canada to export oil sands crude to the U.S. by almost 900,000 barrels a day, had already begun when the project was scrapped last year by U.S., Alberta Premier Jason Kenney said in a news conference. U.S. President Joe Biden canceled a key permit for Keystone XL on his first day in office over environmental concerns.
“We could turn this around in less than a year,” Kenney said.
Kenney’s comments come as crude prices surged to almost US$140 a barrel early Monday after the U.S. said it was looking at a potential ban on Russian oil imports. Keystone XL has been controversial since it was proposed more than a decade ago because it would allow production to grow in carbon-intensive Canadian oil sands.
The U.S. government has been reaching out to major oil producers including Venezuela, which is under sanctions, to find replacements for Russian oil after that country’s invasion of Ukraine. It has also been working to restore a nuclear pact with Iran that would allow that country’s oil to return to the market The U.S. would be better turning to its closest neighbor for crude than seeking, what Kenney called, “dictator oil.”
An email to TC Energy wasn’t immediately returned.
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