Biden Revokes KXL Permit in Blow to Canada's Oil Sector, Ottawa Disappointed

U.S. President Joe Biden on Wednesday formally revoked the permit needed to build the Keystone XL oil pipeline (KXL), dashing Ottawa’s hopes of salvaging the $8 billion project that the struggling Canadian crude sector has long supported, Reuters reported. The move represents another set-back for the beleaguered Canadian oil industry, in particular its energy heartland Alberta, kills thousands of jobs, and marks an early bump in Biden’s relationship with Canada, a key trading partner. Keystone XL, owned by TC Energy Corp, is already under construction in Canada, and would carry 830,000 barrels per day of Alberta oil sands crude to Nebraska. But opposition from U.S. landowners, Native American tribes, and environmentalists has delayed the project for the past 12 years and Biden had long pledged to scrap the permit. Read more.

Location