"And yet, we still have $100 per barrel oil.". Although it has been months since Biden revoked the permit needed to finish the Keystone XL pipeline, the war between Ukraine and Russia has lawmakers suggesting that the project be resurrected. Canceling the Keystone Pipeline Is a Mistake. As the war between Ukraine and Russia continues to unfold, lawmakers in various states think Biden must take action now so that the U.S. doesn't rely on foreign oil. Some ask why should it proceed? The pipeline was expected to stretch from Alberta to Nebraska, allowing 830,000 barrels of oil sands crude to be carried into the U.S. a day, reports Reuters. 2022 Cable News Network. See who is sharing it (it might even be your friends) and leave the link in the comments. As a result of those environmentally-friendly construction priorities, Keystone XL was said by some to be a "model for green pipelining," the Journal reports. The transport capacity of the Keystone XL pipeline, which Biden canceled, would have been about 830,000 barrels per day more than the amount of oil being imported to the United States from Russia. TC Energy swung to a loss in the first quarter, hit by C$2.2 billion ($1.81 billion) impairment charge related to the suspension of Keystone XL. That number is an estimate, and the claim lacks context about the longevity of Keystone jobs. Because no refineries between Alabama and the mid-Atlantic produce substantial quantities of transportation fuels, the southeastern United States is supplied primarily by pipeline flows, and to a lesser degree, with marine shipments from the U.S. Gulf Coast and imports. Says he has been to Afghanistan, Iraq and those areas twice as president. The announcement ends a more than decade-long battle that came to signify the debate over whether fossil fuels should be left in the ground to address climate change. And right now in Minnesota there are protests around Enbridge's Line 3 project that's under construction. Without support from the U.S. government, its effectively halted. That very well may be the case as Valero, one of the largest prospective purchasers of Keystone XL's crude, has already told its investors the its future business is in international export. 4 Min Read. The Keystone XL pipeline is a 1,200 mile pipeline that will safely deliver crude oil from Canada and North Dakota to the United States. This pipeline was proposed in 2008 and has been referred to as either the Keystone XL pipeline or KXL. Its shares closed largely flat on the Toronto Stock Exchange. Get browser notifications for breaking news, live events, and exclusive reporting. When the U.S. expands its energy transportation system, additional workers are required to maintain and oversee it. So we wanted to take a closer look. 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. "It's unfortunate that political obstructionism led to the termination of the Keystone XL pipeline. The Keystone Pipeline already exists. "The oil is continuing to flow in, just through other means. Colonial Pipeline, a 2.5-million-barrel-per-day (b/d) system of approximately 5,500 miles of pipeline, is a significant mode of shipment for transportation fuels for the East Coast, particularly for several states in the southeastern United States. inaccurate stories, videos or images going viral on the internet. Heres point number one: The Keystone XL Pipeline is nothing new. The leak was. Dec. 11, 2022, 8:21 PM PST. The Keystone XL tar sands pipeline is back in full force. LaTurners office cited reports showing the two figures. A revised permit was resubmitted in May 2012 which contained an alternate route. 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 group will consider the impact to endangered species in accordance with the Endangered Species Act. Keystone XL would have passed through Nebraska, and for years, a coalition of Indigenous tribes, ranchers and local environmentalists demonstrated, lobbied and sued to halt the pipeline's construction. Even if the Biden administration were to immediately offer new oil leases to drillers, it wouldn't help with the costs Americans are bearing today. Why the pipeline? By late 2019, the Nebraska State Supreme Court seemed to clear one of the last hurdles for Keystone XL by approving its route through the state. ", Even if the pipeline was already built, it wouldn't help with the price at the pump, Nemet added, noting that the U.S. has already doubled its oil production over the last 15 years. These typically exist in community groups and environmental organizations. The gas shortage on the East Coast of the United States in May 2021 was triggered by a cyberattack that caused the shutdown of the Colonial Pipeline, which runs from Houston to New Jersey and supplies 45% of the gasoline to the East Coast. Discovery Company. was to carry about 830,000 barrels a day of . When Canadian regulators at the National Energy Board (NEB) considered the Keystone XL proposal in 2008, they asked TransCanada to justify another pipeline when there was already so much spare capacity. The Keystone XL pipeline was expected to carry 830,000 barrels per day of Alberta oil sands crude to Nebraska. Oil and Liquids TC Energy builds and operates safe and reliable energy infrastructure. Sign up for free newsletters and get more CNBC delivered to your inbox. This pipeline is the already existing Keystone pipeline that sends 550,000 barrels of oil from Alberta to Steel City. The idea that Keystone XL will improve U.S. oil supply is a documented scam being played on the American people by Big Oil and its friends in Washington DC. And, in any event, producers would be under no obligation to sell that oil to the U.S. Biden on Jan. 20, 2021, his first day in office, used the power of the executive branch to cancel the Keystone, which would have transported crude oil from the Canadian province of Alberta to Steele City, Neb., where it would connect with another leg stretching to Gulf Coast refineries. The Keystone XL pipeline would then connect to existing pipelines and transport oil to refineries along the Gulf Coast. . Market data provided by ICE Data Services. Pipeline opponents are invigorated by the Keystone XL decision and hope for more wins. TC Energy owns the existing Keystone oil pipeline, which runs from Alberta to the U.S. oil storage hub in Cushing, Oklahoma, and to the U.S. Gulf, along with a power and storage business. An estimate from the Canadian Energy Research Institute in 2011 estimated that new oil sands development in Canada would create about 444,000 new U.S. jobs and generate about $521 billion in U.S. government revenue over the next two decades. While the Dakota Access pipeline is moving oil out of North Dakota now, its future is uncertain because of court challenges that still haven't been resolved. The project received significant backlash from environmental activists and indigenous communities, and was viewed as a hindrance to the U.S. transitioning from using fossil fuels to clean energy. Gasoline is actually one of the nation's largest exports, going mostly to Latin America. Disclaimer. The first is the U.S. Army Corp of Engineers. The Keystone XL pipeline, which is owned by TC Energy Corp (NYSE: TRP), was reportedly less than 10 percent built when Biden pulled the plug on the project. 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. Gregory Nemet, professor of public affairs at the University of Wisconsin-Madison's Wisconsin Energy Institute, pointed out that the cost of oil has steadily increased since last fall, when it was around $70 a barrel, to more than $130 last week before settling back at around $100 a barrel on Tuesday. The Department of State, in consideration of the permit, must examine the potential impact of the pipeline on the environment, the economy, U.S. energy security, and foreign policy plus a few additional items. ", Feb. 26, 2022, Alberta.ca, "Pipeline Project - Keystone XL," accessed Feb. 28, 2022. Which argument is right? COVID-19 vaccines "provide zero benefit relative to risk for the young and healthy.". The 11,000 and $2 billion figures cited in the Facebook post are estimates published by the company, but most of the jobs would be temporary. The developer of the Keystone XL pipeline announced Wednesday it is pulling the plug on the controversial project after the Biden administration revoked its permit in January.. TC Energy, the . In the meantime, TC Energy's pipeline system in the northern Great Plains experienced a series of leaks of tens of thousands of gallons of oil. St. Petersburg, FL 2023 CNBC LLC. This project would have produced 830,000 barrels of oil per day, more than enough to offset what we import from Russia.". 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. Li Cohen is a social media producer and trending content writer for CBS News. Alexis crime reporting earned her spots as a contributor on the Nancy Grace show, CNN, Fox News and Entertainment Tonight, among others. A southern leg from Cushing,. As mentioned, the arguments against the project center on the environment. So "here's the deal": The Keystone XL pipeline was going to be built to offset declining imports from Venezuela, because Canadian oil is the same type as what they produce in Venezuela. Is the Keystone Pipeline closed and is that causing a gas shortage? None of this means Warren Buffett had anything to do with Biden's decision to spike the Keystone Pipeline. The Keystone XL pipeline is a 1,200 mile pipeline that will safely deliver crude oil from Canada and North Dakota to the United States. Canada-based TC Energy first proposed the 1,200 mile Keystone XL pipeline in 2008 as a way to quickly pump 830,000 barrels of tar sands (a.k.a. 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