Trump says he wants Keystone XL Pipeline to be built
By: By Kanishka Singh Reuters (via Canada's Global News)
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Trump says he wants Keystone XL Pipeline to be built
U.S. President Donald Trump wants to revive construction plans for the Keystone XL Pipeline after permits for the project were revoked by President Biden in 2020.
U.S. President Donald Trump said on Monday he wanted the Keystone XL Pipeline built and pledged easy regulatory approvals for the project, which was opposed for years by environmentalists before its permit was revoked by the Biden administration.
The pipeline was first proposed in 2008 to bring oil from the Alberta oil sands to U.S. refiners and was halted in 2021 by then-owner TC Energy Corp after former Democratic President Joe Biden revoked a key permit needed for a U.S. stretch of the project.
In a social media post on Monday, Trump urged the company that was building the pipeline to "come back to America," saying his administration would offer easy approvals and an almost immediate start.
"The Trump Administration is very different (from the Biden administration) - easy approvals, almost immediate start! If not them, perhaps another Pipeline Company. We want the Keystone XL Pipeline built," Trump said in the post.
Trump's post did not name a company and only referred to the one that was building the pipeline earlier.
TC Energy spun off its oil pipeline business in October last year into a new company named South Bow Energy.
Opponents of that pipeline had fought its construction for years, saying it was unnecessary and would hamper the U.S. transition to cleaner fuels.
The Keystone XL pipeline was expected to carry 830,000 barrels per day of Alberta oil sands crude to Nebraska, but the project was delayed due to opposition from U.S. landowners, Native American tribes and environmentalists.
Trump had approved a permit for the line in 2017, but it continued to face legal challenges that hampered construction.
Biden had committed to canceling the project during his 2020 campaign and revoked the permit soon after taking office in 2021.
Alberta Premier Danielle Smith took to social media on Tuesday to show her support for reviving the Keystone XL pipeline, posting on X the project "should have never been cancelled" and saying let's "focus on getting shovels in the ground right away!"
A spokeswoman for South Bow Corp., the oil pipeline operator spun off from TC Energy Corp. last fall and now the owner of the existing Keystone system, says the company has "moved on" from the XL expansion project.
"We continue to engage with customers to develop options to increase Canadian oil supplies to meet growing demand," Katie Stavinoha said in an email.
The Keystone XL project — a 1,900-kilometre pipeline that would have run from northern Alberta to the major U.S. crude storage hub at Cushing, Okla., and then on to Gulf Coast refineries — was first proposed during the Obama administration, which rejected it on environmental grounds.
It was then revived under the first Trump administration, before former president Joe Biden killed it again by revoking the pipeline's permit on his first day in the White House in 2021.
With files from The Canadian Press.
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So much for Trump's boasting that America has all the oil it needs, just has to "drill baby drill". And the tariff on the oil that flows into the USA through the pipeline benefits......?
Regardless of tariffs, the pipeline benefits people who choose to buy stock in that pipeline company.
Yes, the rich get richer. There could be a temporary benefit to those who do the work of building the pipeline (if there are any left after the deportations). Due to the tariffs I doubt that there would be much difference in the eventual consumers' cost from what they pay for what already exists.
A similar article I read said that permits had expired across most of the tracts but even if Trump could give permission with no more EPA tests or restrictions, most of the constructed pipelines were disassembled for use elsewhere.
Smith's vision of Alberta must be one of hell.
I read some similar things split , permits either outright cancelled or expired in some cases , in any event unless another company decided to pick it up , Keystone is dead .
I read right after the 30 day pause that some of Chinas refineries were switching over from refining US crude to refining canadian and south american grade crude , they just have to figure out how to get it there , so there is that .
another thing to think of is US refineries are starting to either do or get ready to do their annual switch over from winter grade refining to summer grade refining , wouldnt take much to get set up to refine US crude during the switch over .
I have also read that the coal fields in the NE corner of the state have gotten new contracts for a few hundred million tonnes of coal . If my hunch is right , I can guess where its going shortly .
Have to wait and see i guess.
Oil tanker ships - the cost of shipping might still be worth it for China After all, how does Middle East oil get to China? And as I've posted before, I'm sure China would LOVE to get Canada's wood. Who is going to be the loser in the long run?
That IS the obvious way .
when i looked it up though , the west coast Canadian ports are not set up for petroleum , oil or gas , they are strictly dry bulk and containerized cargo , for now . to set a port up for that is a big monetary investment and wont happen over night . Could send it via the St Lawrence , and Panamá I would say.
Looks like to me , as an individual , some peoples retirement portfolios are going to be taking hits from all sides , have to wait and see what the actual fall out really is in any event .
If there's a wood shortage, the U.S. housing industry will be the loser. (As well as people wanting-- or needing-- to buy a new house).
Wood prices will be going even higher . .
Depends upon what Musk decides to do.
There are ways to protect portfolios during bsd times (for starters, by lowering your exposure to more speculative assets and moving money into safer assets) Also selling covered calls (lowers potential for big profits but cuts downside risk). .
Quite recently there have been indications that the "smart money" has been moving out of more specualtive stocks and into safer ones.
If it gets serious enough and secure enough between Canada and China it might be worth it for China to build a British Columbia port like they did for Peru with the Chancay Port. Trade with Peru has expanded and I'm enjoying their blueberries a lot.
Why so? Alberta's assets have provided Albertans with additional benefits the residents of other provinces didn't have.