Keystone XL Oil Project Abandoned by Developer

Decision ends a yearslong effort to pipe more Canadian crude to the U.S.

 

By Timothy Puko and Vipal Monga, The Wall Street Journal (WSJ)

June 9, 2021

 

Canada’s TC Energy Corp. TRP 0.59% and the Albertan provincial government said Wednesday they would scuttle the Keystone XL oil pipeline project, bringing to an end a yearslong controversy over an effort to pipe more Canadian crude to the U.S.

 

The decision had been expected after President Biden used his first day in office to revoke a key permit for the pipeline to cross the country’s northern border, shutting down construction.

 

It marks a historic victory for environmentalists who for a decade have made Keystone XL the focus of a campaign to block new pipeline construction as a way to limit oil consumption that contributes to global warming.

 

TC Energy gave little explanation for its final decision in a Wednesday news release. It alluded to Mr. Biden’s decision and said it had completed a comprehensive review of its options before making the final decision to terminate the project. It said that going forward it would build its businesses in shipping and storing natural gas, liquid fuels and power to meet growing North American demand for cleaner fuels.

 

“We value the strong relationships we’ve built through the development of this Project and the experience we’ve gained,” TC Energy Chief Executive François Poirier said.

 

Groups like 350.org, which targeted Keystone XL, are also pressuring Wall Street to curb fossil-fuel extraction and were a force behind activist investors winning board seats at Exxon Mobil Corp. earlier this month.,,

 

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https://www.wsj.com/articles/keystone-xl-oil-project-abandoned-by-developer-11623272010