Sunday, April 14, 2024

Farewell to the Canadian-American Oil Pipeline after Python’s shutdown

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AGI – Oil lubrication between US and Canada weighs in at G7 in Cornwall. Canadian company Tc Energy has announced that it has abandoned the Keystone Xl project, an oil pipeline that will actually connect Canadian fields to the U.S. refinery network.

Last March U.S. President Joe Biden has issued an executive order halting the controversial program, but 21 states, led by Texas and Montana, have appealed. He argued that they were responsible for the matter, not the White House. Now the project is permanently buried.

“TC Energy today confirmed the completion of the Keystone XL pipeline project after a comprehensive review of its options and in consultation with its partner Alberta government,” the Canadian operator said in a statement. On January 20, shortly after his inauguration, Mr. Just hours before Biden signed the decree, the Canadian committee announced it would suspend work.

The group, based in Calgary, western Canada, expressed its frustration and later announced it would “lay off thousands of union workers.”For its part, the Alberta government said it had abandoned the project and had “explored all options” to recoup its investment. The province estimates it will cost C $ 1.3 billion (€ 881 million) to abandon the project.

“We are disappointed and frustrated by the circumstances surrounding Keystone XL, including the revocation of the President’s permit, which allows the pipeline to cross the border,” said Alberta Premier Jason Kenny. The province holds most of Canada’s major oil reserves.

The project, supported by Ottawa, was criticized by environmental activists and launched in 2008. It was first canceled by Barack Obama because it was considered too polluting and has been put back on track by Donald Trump for economic reasons. As part of his plan to combat climate change, one of Joe Biden’s campaign promises was to remove the mandate of his predecessor. This provoked the frustration of Canadian Prime Minister Justin Trudeau, who promised to bring Canadian oil to other markets and complete Keystone XL and other pipelines to get the best price.

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According to experts, the oil-rich provinces of Alberta and Saskatchewan (center) have already been hit by falling oil prices, and it is expected that this drop will pay off. The plan is to allow more than 800,000 barrels of oil a day to be transported between Alberta and U.S. refineries in the Gulf of Mexico from 2023.

Bruno Lawrence
Bruno Lawrence
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