Politics

Biden’s Decision To Kill Keystone XL Has Come Back To Haunt Him: Report

By

The Biden administration is reportedly planning to boost imports of Canadian oil, but won’t consider restarting construction of the Keystone XL pipeline.

The administration hasn’t yet decided on a plan and discussions are ongoing, people familiar with White House deliberations told The Wall Street Journal. But any uptick in oil imports from Canada would require additional reliance on rail, an already expensive way to transport oil, or boosted flows in existing pipelines which are already running near maximum capacity.

“There’s not a limitation in terms of resource potential,” Kevin Birn, an analyst at S&P Global Commodity Insights, told the WSJ. “There’s a limitation of capacity.”

Keystone XL, the proposed extension of an already operating pipeline, would have transported an additional 830,000 barrels of oil from western Canada to the U. S., according to TC Energy, the company that would have operated it. President Joe Biden canceled the pipeline’s permit hours after his inauguration on Jan. 20, 2021.

The White House, though, has repeatedly argued that bringing the pipeline back wouldn’t help relieve current global energy supply issues. Western nations have announced a series of sanctions targeting the Russian economy in the wake of the nation’s invasion of Ukraine, upsetting global energy markets in which Russia is a major player.

“The Keystone was not an oilfield; it’s a pipeline,” White House press secretary Jen Psaki said during a press brie… (Read more)

Comments are closed.