June 10, 2021 Read More →

TC Energy finally pulls plug on Keystone XL oil pipeline

Wall Street Journal ($):

Canada’s TC Energy Corp and the Albertan provincial government said Wednesday they would scuttle the Keystone XL oil pipeline project, bringing to an end a years-long 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.

[Timothy Puko and Vipal Monga]

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