Meanwhile, energy costs are fueling inflation and Russian oil will soon be flowing through its new pipeline.
When Biden entered office, he promptly nixed the Keystone XL Pipeline.
Sadly, however, the economic impact of lost jobs and decreased gas production looks like it will be a hallmark of the current administration as the developer has now abandoned the project.
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 yearslong 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 is a victory for environmentalists who have campaigned to block new pipeline construction as a way to limit oil consumption that contributes to global warming.
Alberta invested more than $1 billion in the project last year, kick-starting construction that had stalled amid determined opposition to the line from environmentalists and Native American tribes along its route.
Alberta officials said Wednesday they reached an agreement with TC Energy, formerly known as TransCanada, to exit that partnership. The company and province plan to try to recoup the government’s investment, although neither offered any immediate details on how that would happen.
“We remain disappointed and frustrated with the circumstances surrounding the Keystone XL project, including the cancellation of the presidential permit for the pipeline’s border crossing,” Alberta Premier Jason Kenney said in a statement.
The province had hoped the pipeline would spur increased development in the oil sands and bring tens of billions of dollars in royalties over decades.
Perhaps if Alberta declared itself to be part of Russia, this issue could have been resolved. Biden seems to have no problem with that nation’s oil-production projects. I guess the need for a clean environment stops at the North American border?
The Biden administration has decided to waive sanctions against the company overseeing the construction of Russia’s Nord Stream 2 gas pipeline to Germany, despite bipartisan opposition in Congress and appeals from Eastern European governments.
Republican lawmakers immediately accused the administration of handing Russian President Vladimir Putin a major political victory. Democrats urged the White House to reconsider, and the Kremlin called the news a “positive signal.”
In related news, gas prices are spiking across the country.
US gas prices hit their highest level in seven years during a busy Memorial Day weekend, as Americans traveled to meet up with friends and took much-needed vacations.
What’s happening: Data from GasBuddy shows gas in the United States is at its most expensive since 2014. AAA puts the national average at $3.05 per gallon, up from $2.90 one month ago and $1.98 a year ago.
The abandonment of the pipeline project may make eco-activists happy. However, some Biden voters are beginning to notice the consequences of the promised policy choices…and they are not happy.
— Biden Voters Posting Their L's Online (@BidenLs) June 4, 2021
— Biden Voters Posting Their L's Online (@BidenLs) May 31, 2021
— Biden Voters Posting Their L’s Online (@BidenLs) May 31, 2021
But–hey–at least no mean tweets from Bad Orange Man.
I sense the Republicans are going to pounce, seize, and body-slam the Democrats during the mid-terms on these decisions.
Dear Mr. President:
Given your open hostility to domestic pipelines like the Keystone XL pipeline, it is baffling that you are willing to green-light Russia’s Nord Stream 2 pipeline.
Put simply, you are prioritizing Russian jobs over American jobs. pic.twitter.com/uqRhyQqGLV
— Kevin McCarthy (@GOPLeader) June 9, 2021
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