Without support from the U.S. government, its effectively halted. All rights reserved. Keystone XL was designed to transport crude oil from Alberta, Canada, to Steele City, Nebraska, where it would connect with TC Energy's existing facilities, which extend to the Gulf Coast. It's a global market," Nemet said. Al Nash/Bureau of Land Management via AP Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Yet many experts agree that moving ahead with the pipeline wouldn't have prevented U.S. gas prices from climbing to a record high. Keystone XL would divert Canadian oil from refineries in the Midwest to the Gulf Coast where it can be refined and exported. "In total, Keystone XL is expected to employ more than 11,000 Americans in 2021, creating more than $1.6 billion in gross wages.". "That trend will continue whether Keystone is built or not," said Brian Milne, a refined fuels editor at Schneider Electric, an information provider. Now for the issue that has polarized America. Most objections center on the extraction of the oil, but some suggest the project will only make the U.S. more dependent on fossil fuels. It pledged to ensure a safe termination of the project. The State Department is one of 15 departments under the executive branch of the federal government. The Keystone Pipeline: A Never-ending Saga. Proponents also argue that the pipeline will enhance U.S. energy security and help maintain adequate crude oil supplies for U.S. refineries. Oil sands production is increasing in the U.S. with the majority of it in the form of heavy crude. However, the Canadian government has put the brakes on the two pipeline proposals to export tar sands through its provinces due to the need to take more time to listen to its own public's concerns about water and safety. Learn more about Mailchimp's privacy practices here. The Keystone XL pipeline was. Thirty-five of them would be permanent, while 15 would be temporary contractors. Most stock quote data provided by BATS. "But there is a recognition that those types of actions may have some impact on the prices that Americans are paying at the pump.". Please select all the ways you would like to hear from Lead Stories LLC: You can unsubscribe at any time by clicking the link in the footer of our emails. ", "I can see why people make that connection," Nemet said. The company behind the controversial Keystone XL oil pipeline said Wednesday it's officially terminating the project. ", stated on February 8, 2023 in a blog post. Colonial Pipeline, a major delivery system spanning from the U.S. Gulf Coast to the East Coast for transportation fuels and other refined petroleum products, halted operations on Friday, May 7, to contain the effects of a cyberattack. "A lot more transportation and people flying around, people driving, more demand for oil," he said. Supporters of Keystone say the project will benefit Americans because it will reduce the country's reliance on foreign oil. November 18, 2014. In fact, TransCanada refused to support a requirement that oil on Keystone XL be used in the United States in a recent Congressional hearing. (Terray Sylvester/Reuters) . Natural Resources Defense Council 2023 Privacy Policy In summary, Keystone is good for the economy, good for U.S. energy independence, and good for the American consumer. "You won't see a lot of environmental organizations jumping up and down and saying, 'Hey, this is the best thing ever,'" Kieve said. "The oil is continuing to flow in, just through other means. This is what the post looked like on Facebook at the time of writing: (Source: Facebook screenshot taken on Tue May 11 19:45:12 2021 UTC). Construction began in April 2020, but that same month,a federal courtsaid that the project had to go through a full endangered species review. In 2005, the company announced its intentions to build a pipeline to transport crude oil from the oil sands region of Alberta, Canada to the existing Keystone Pipeline in Steele City, Nebraska. In a Department of Energy report evaluating Keystone XL's impacts on U.S. energy supply over the next twenty years, the agency found that it will take decades for Canada to produce enough oil to fill existing pipelines. Dec. 11, 2022, 8:21 PM PST. The project must also be in the national interest of the United States. None of this means Warren Buffett had anything to do with Biden's decision to spike the Keystone Pipeline. The company reportedly secured $1.1 billion, enough to cover construction through 2020, and expected to receive $4.2 billion in 2021 and 2022. "And so we've got 8 billion people that are consuming oil and many countries that are producing it, and it all goes into one market.". The 1,200-mile Keystone XL pipeline, proposed by the Canadian energy conglomerate TC Energy, would carry up to 35 million gallons of tar sands crude oil from Alberta through Montana, South Dakota . The Keystone XL pipeline was expected to act as an extension to this larger system that would run 1,210 miles from Hardisty, Alberta to Nebraska.. In the weeks following U.S. President Joe Biden's decision to scrap the Keystone XL oil pipeline, posts on social media have claimed that the project "was in Phase 4 & just about completed". LaTurner said in an ad: The Keystone XL pipeline "would have produced 830,000 barrels of oil per day, more than enough to offset what we import from Russia. 801 3rd St. S At the heart of the protests was a knot of environmental concerns from the local to the global. Keystone XL, a US$8-billion oil pipeline that was set to flow from Alberta to Nebraska, is officially scrapped, the project's owner, TC Energy, confirmed on Wednesday. "Stop importing from Russia, start producing more," he tweeted in early March. Legal Statement. The Keystone XL pipeline was expected to carry 830,000 barrels per day of Alberta oil sands crude to Nebraska. TC Energy had begun construction on the pipeline last year and said about 300 miles of the $8 billion project had been built. Extracting the bitumen and diluting for shipment requires energy, most of it from burning fossil fuels. The oil and gas industry forms the basis of a tight economic bond between the U.S. and Canada, which made the progress of Keystone XL such a protracted, high-stakes fight. The vote was one shy of passage at 59-41. The claim appeared as a post (archived here) published on Facebook on May 10, 2021. This portion would transport oil over 435 miles through 36" pipe running from Cushing, Oklahoma to Port. In the weeks following U.S. President Joe Bidens decision to scrap the Keystone XL oil pipeline, posts on social media have claimed that the project was in Phase 4 & just about completed and that it had been paid for by the time Biden pulled the plug. While it is true that the project had secured funding, which was largely expected to be paid out in 2021 and 2022, the claim is partly false, as less than 10% of the pipeline had been built by the time Biden formally revoked the permit. LaTurners office cited reports showing the two figures. inaccurate stories, videos or images going viral on the internet. As Canada's Natural Resources Minister Joe Oliver recently said, "we export 97 percent of our energy to the U.S. and we would like to diversify that." By contrast, Mr. Biden's decision with the International Energy Agency to release 30 million barrels of oil from the nation's Strategic Petroleum Reserve puts downward pressure on gas prices in the short-term, Kieve said. Heres point number one: The Keystone XL Pipeline is nothing new. Video shows President Joe Biden recalling an alien encounter. The first is the Gulf Coast Project. The Keystone Pipeline from Canada to the U.S. is not closed. , "This is a landmark moment in the fight against the climate crisis," said Jared Margolis, a senior attorney at the Center for Biological Diversity. Climate Change Is Making It Worse, . Rather, experts say gas prices are high due to other factors such as the global spike in the cost of crude oil and increased demand after pandemic lockdowns ended. Weve seen several similar postsoffer other figures for how many jobs were lost as a result of Bidens executive order, ranging from 12,000 to83,000. This pipeline was proposed in 2008 and has been referred to as either the Keystone XL pipeline or KXL. Finally, there are multiple state and county agencies which will consider permits for projects that cross navigable waters (including state streams), state highways or work affecting cultural or natural resources. Factset: FactSet Research Systems Inc.2019. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. This segment has been in service since June 2010. The. The Keystone XL Pipeline consists of two parts. The pipeline, which had severe environmental and human rights implications, has been on a long road towards failure. The first is the U.S. Army Corp of Engineers. Not only did the revocation of the Keystone XL pipeline project permit reportedly hurt the Canadian and Alberta economies, but it cut thousands of jobs for Canadians and Americans. update email soon. It's generally cheaper to transport oil by pipeline than by ship, so refiners would likely opt for the Canadian crude. Gas prices hit record highs as more Americans return to the office, MoneyWatch: Soaring gas prices putting strain on American households, U.S. concerns about TikTok are "absolutely valid," expert says, Belarus dictator to visit China as key Putin allies bolster ties, Hague "people's court" wants Putin held accountable for crimes against Ukraine, Diplomats in London show support for Ukraine by swimming in Hyde Park lake, U.S. must "sustain" its involvement in Ukraine war, secretary of state says, American Fuel and Petrochemical Manufacturers. Kristi Noem went a step further than Crenshaw, writing in a February 24op-edfor Fox News that in halting the Keystone XL pipeline Mr. Biden was "signaling to the world that American energy independence is no longer a priority.". The Keystone XL pipeline would then connect to existing pipelines and transport oil to refineries along the Gulf Coast. The original petition for permit was denied on January 18, 2012 due to environmental concerns. Reuters spoke via email with James Stevenson, a spokesperson for the Canada Energy Regulator, which oversees the Canadian portion of the Keystone XL Pipeline (here). And, we also have the technology to assure that the environment will be protected. Jason Kenney, premier of the Canadian province of Alberta, is now pushing for the Biden administration to revive the Keystone XL pipeline . "In the month since Republicans took the House majority," they are trying to "impose a 30% tax on everything. Building the Keystone XL pipeline would have fostered the expansion of the Canadian oil sands industry by increasing access to U.S. markets and international ones through exports from the Gulf Coast. 4 Min Read. : Alexis Tereszcuk is a writer and fact checker at Lead Stories andan award-winning journalist who spent over a decade breaking hard news and celebrity scoop with RadarOnline and Us Weekly. In the long run, the best way to protect Americans from spiking oil prices is to accelerate the shift from fossil fuels to renewable energy, Nemet and Kieve said. The Keystone XL may never move any oil, but its impact will still linger in the form of the pipes, worker camps, and other assets stranded along its 1,200-mile path. In 2015 . Why now? Disclaimer. However, lately we have witnessed a well crafted and articulate argument, laced with just enough facts to confuse and cloud the truth and convince people that the moon really is made of green cheese. The company behind the controversial Keystone XL oil pipeline said Wednesday it's officially terminating the project. Its demise comes as other North American oil pipelines, including Dakota Access and Enbridge Line 3, face continued opposition from environmental groups. St. Petersburg, FL Booms, Busts And Billionaires: An eBook From Forbes. Get browser notifications for breaking news, live events, and exclusive reporting. First, it can be upgraded into syncrude which is a light crude. A map of the Keystone XLs route alongside the existing Keystone Pipeline System, operating since 2010, can be seen here . Three of the phases have now been completed, while the fourth one, an extension known as the Keystone XL (which stands for Keystone export limited), was cancelled in 2021. Offers may be subject to change without notice. Says he has been to Afghanistan, Iraq and those areas twice as president. All quotes delayed a minimum of 15 minutes. 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