Updated on: March 17, 2022 / 11:57 AM The pipeline would have required years of construction and likely faced legal challenges, so it couldnt have solved todays demand needs. TransCanada conceded that Keystone XL would take oil from existing pipelines, increasing shipping costs. Keystone XL was halted by owner TC Energy after U.S. President Joe Biden this year revoked a key permit needed for a U.S. stretch of the 1,200-mile project. The Keystone XL pipeline's developer has halted all construction on the project months after its permit was revoked by the Biden administration. 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. Copyright 2023 CBS Interactive Inc. All rights reserved. Oil sands, also called tar sands, are a mixture of clay, sand, water, and heavy black viscous oil known as bitumen. The Reuters Fact Check team previously debunked social media claims surrounding the Keystone XL Pipeline, here . Says he has been to Afghanistan, Iraq and those areas twice as president. It opened: Get this delivered to your inbox, and more info about our products and services. The first is the U.S. Army Corp of Engineers. A cyberattack halted fuel movement through the Colonial Pipeline, which shifts gas from refineries in Texas to distribution centers on the East Coast, according to the US Energy Information System. This article was produced by the Reuters Fact Check team. In 2008 the United States imported 9.8 million barrels of oil a day, according to the Energy Information Administration. This type of project has been completed numerous times before. This dental device was sold to fix patients' jaws. "We're hopeful that the Biden administration will continue to shift this country in the right direction by opposing fossil fuel projects.". The oil and gas industry accounts for about 5% of Canada's economy, and nearly all of the industry's exports go to the United States. Booms, Busts And Billionaires: An eBook From Forbes. If only the halt of that project was the sole source of surging energy costs at home and abroad.. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. From there, refined petroleum products could be sold either in the U.S. or to foreign buyers. The Keystone XL crude oil pipeline wasn't yet operational when it was canceled in 2021, and wasn't expected to be running until 2023. US President Joe Biden has cancelled permits for the controversial Keystone XL pipeline on his first day in office. See who is sharing it (it might even be your friends) and leave the link in the comments. 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. ", Rifles were involved in 297 deaths in the U.S. in 2022 and constipation killed 2,167.. The pipeline was expected to carry some 830,000 barrels per day of oil from Canada to the U.S. (AP) The Trump administration on Wednesday approved a right-of-way allowing the Keystone XL oil sands pipeline to be built across U.S. land, pushing the controversial $8. Opinions expressed by Forbes Contributors are their own. TC Energy already had suspended construction in January when President. To sweeten the deal, many of the refineries on the Gulf Coast happen to be located in foreign trade zones, where they can export Canadian oil to the world market without paying U.S. taxes. Pipe intended for use in. It threatened to seep into the Mississippi. Earlier this month, Representative Edward Markey asked TransCanada's President Alex Pourbaix to support a condition that would require the oil on Keystone XL to be used in the United States. The Keystone XL pipeline project began some 12 years ago and has yet to reach the final stages of construction. Nor would producers be obligated to sell that entire amount to the U.S. Facebook, Jake LaTurner ad, Feb. 24-Feb. 25, 2022, Email, Mike Howard, communications director, Rep. Jake LaTurner, Feb. 25, 2022, PolitiFact, "U.S. is importing large amount of Russian oil, but Facebook post misstates Keystone XL role," Aug. 23, 2021, U.S. Energy Administration, "U.S. Imports by Country of Origin," accessed Feb. 25, 2022, Lead Stories, "Fact Check: U.S. Imports About 10% Of Its Oil From Russia, But Did NOT Stop Domestic Oil Production," Feb. 24, 2022, C-Net, "Gas Price Spike: How High Will Costs Soar After Invasion of Ukraine? 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. In a world of wild talk and fake news, help us stand up for the facts. inaccurate stories, videos or images going viral on the internet. The Keystone Pipeline System is an oil pipeline system that runs between Canada and the United States. Had construction continued, the pipeline would have entered service in 2023. 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. Wind farm construction is a possible cause of dead whales washing ashore in New Jersey. Got a confidential news tip? 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". The deposits are not in underground reservoirs like conventional petroleum. Colonial Pipeline shut down distribution on May 7, 2021, following the cyberattack. LOUIS (AP) An oil leak near St. Louis prompted the closure of parts of two pipelines as crews work to determine the source, company officials and Missouri regulators said Thursday. 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.". It would have carried oil from landlocked Alberta to the U.S. Gulf Coast. Powered and implemented by FactSet. The Keystone Pipeline from Canada to the U.S. is not closed. "But there is a recognition that those types of actions may have some impact on the prices that Americans are paying at the pump.". The Keystone Pipeline from Canada to the U.S. is not closed. All times are ET. 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. In this article, I will dispel the myths and rumors and discuss only the facts. Market Realist is a registered trademark. As mentioned, the pipeline will connect to existing Keystone Mainline and increase the transport of oil sands from Canada and the Midwest to the Gulf Coast. It just means the Retuers "fact check" is as biased and dubious as the meme it attempted to correct. Proponents also argue that the pipeline will enhance U.S. energy security and help maintain adequate crude oil supplies for U.S. refineries. All Rights Reserved. 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. Washington, DC The Environmental Protection Agency is the second group. Find out whats happened to the oil industryand where its headed next. 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. "You won't see a lot of environmental organizations jumping up and down and saying, 'Hey, this is the best thing ever,'" Kieve said. President Biden's energy agenda has strengthened Putin at the expense of hard-working Kansans.". TORONTO (AP) Construction on the long disputed Keystone XL oil pipeline halted Wednesday as incoming U.S. President Joe Biden revoked its permit on his first day in office. But It's Definitely Changing, In A Landmark Case, A Dutch Court Orders Shell To Cut Its Carbon Emissions Faster, 'Energy Justice' Nominee Brings Activist Voice To Biden's Climate Plans. Lets skip to the main arguments for and against and you can decide for yourself if this project is warranted or if it should be denied. These typically exist in community groups and environmental organizations. 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. At the time of the press release, the Government of Alberta had invested $1.1 billion in the project, largely covering the cost of construction through the end of 2020, according to TC Energy. That makes oil sands crude more carbon-intensive and worse for the climate than conventional petroleum. It pledged to ensure a safe termination of the project. This caused the fuel shortages on the East Coast of the United States. On his first day as the 46th President of the United States, Joe Biden signed an executive order revoking permission for the construction of the Keystone XL oil pipeline, an $8 billion, a 1,200-mile-long project that was supposed to carry up to 830,000 barrels of oil per day. 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. What are the arguments for and against the project? I ask, why not? Keystone XL, an expansion of an existing North American pipeline, would have carried 830,000 barrels of crude oil from Alberta, Canada, to Nebraska dailyat its peak. The developer has now canceled the controversial project. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. This pipeline is the already existing Keystone pipeline that sends 550,000 barrels of oil from Alberta to Steel City. The other major candidate for the seat is Democrat Patrick Schmidt, a former U.S. Navy intelligence officer. "Instead of having international competition for a scarce resource where everybody wants the oil and there's a fixed amount of it, it's different," Nemet said. "The oil is continuing to flow in, just through other means. 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. Could the Keystone XL pipeline help lower U.S. gas prices? 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. All rights reserved. "By revoking the Keystone pipeline permit, Biden is destroying 11,000 jobs and roughly $2 billion in wages," the post says. The State Department forecasted that no more than 50 jobs, some of which could be located in Canada, would be required to maintain the pipeline. It seems as though the polarization of the United States is increasing. Once refined, it'll be impossible to tell exactly where the oil that came down the pipeline went, but "with more oil, that [export] number will increase," said Milne. This group will consider the impact to endangered species in accordance with the Endangered Species Act. It's a global market," Nemet said. In a Wednesday statement, the Canadian developer TC Energy said that after reviewing its options with. A storage yard in Montana contains pipe that was to be used in the construction of the Keystone XL oil pipeline. There have been calls to revive the Keystone XL pipeline. Fish & Wildlife Service. The claim appeared as a post (archived here) published on Facebook on May 10, 2021. The Keystone XL Pipeline consists of two parts. Video shows President Joe Biden recalling an alien encounter. ", Feb. 26, 2022, Alberta.ca, "Pipeline Project - Keystone XL," accessed Feb. 28, 2022. However, TransCanada argued that this cost would be more than offset as shifting Canadian oil from the Midwest to the Gulf would increase the price that Americans paid for Canadian oil by $3.9 billion. The company behind the controversial Keystone XL oil pipeline said Wednesday it's officially terminating the project. 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. "It wouldn't be online and wouldn't be pumping oil until the year 2023. (Terray Sylvester/Reuters) . But the latest figures show a general trend downward and that by October 2021, the figure was 595,000. Fiery train crash in Greece kills dozens, many of them students, Ex-Georgia star Jalen Carter was racing in deadly crash, arrest warrants allege, Watch Live: Garland testifies amid ongoing special counsel investigations. The petition was made to the U.S. Department of State because it would cross the U.S. border. Canadians, including Indigenous peoples, have benefited economically from the oil sands mining. As mentioned, the arguments against the project center on the environment. 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. The policies have helped restrict U.S. oil production, and the fallout from the Keystone Pipeline remains lost on the administration. 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. St. Petersburg, FL Last year, Canada was the largest exporter of crude oil and petroleum products to the U.S., outstripping oil-producing nations in the Persian Gulf, according to the U.S. Energy Information Administration. It's important to understand what's contributing to the high prices of oil in the first place. It's a great day for Mother Earth," Larry Wright Jr., chairman of the Ponca Tribe of Nebraska, said in a statement. Extracting the bitumen and diluting for shipment requires energy, most of it from burning fossil fuels. In fact, TransCanada refused to support a requirement that oil on Keystone XL be used in the United States in a recent Congressional hearing. The current Keystone Pipeline transports approximately 700,000 barrels of oil a day from Canada to Texas. COVID-19 vaccines "provide zero benefit relative to risk for the young and healthy.". The Keystone Pipeline already exists. "Stop importing from Russia, start producing more," he tweeted in early March. Unlike oil, renewable energy relies far less on fixed and limited natural resources. A little more than a year later, on his first day in office, Biden revoked the federal permit for Keystone XL, leading to the end of a project that had been contested for more than a decade. Unfortunately, Bidens initiative to cancel the project left many angered and without jobs. The Keystone pipeline, which President Joe Biden canceled, would have transported more oil per day than the U.S. imports from Russia, but it would not have been a simple offset. The 1,200-mile Keystone XL Pipeline was designed to mirror that,. Those in favor of the pipeline have several diverse points which bolster their opinion. It's true that the 830,000 barrels a day the pipeline is slated to carry would probably replace some of the 2 million barrels a day of heavy oil currently imported to the Gulf Coast. Spotted something? By claiming that the project was in Phase 4 of construction, the posts seem to conflate the Keystone XL Pipeline with the larger Keystone Pipeline System. ", People not vaccinated against COVID-19 came out the best. Buffett does stand to profit from the cancelation of the Keystone pipeline and perhaps a great deal. "It's that as we produce more and more of these clean energy technologiesthey get more affordable for everyone. On his first day in office, President Joe Biden signed an executive order canceling the Keystone XL Pipeline Project. Three lawmakers from Pennsylvania, including Pittman, are hoping Biden will allow TC Energy to continue with Keystone XL pipeline construction so that the U.S. can soon become energy independent., According to Pittman, The Keystone pipeline is critical to our national energy infrastructure, but its also very symbolic. The pipeline was set to carry oil 1,200 miles (1 . Our network of natural gas pipelines supplies more than 25 per cent of the clean-burning natural gas consumed daily across North America to heat homes, fuel industries and generate power. "Clean energy that we harvest here at home and work to figure out a better way to store is going to power us here at home.". The pipeline would also accept U.S. crude from the Bakken oil fields in Montana and North Dakota. 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). A lot has changed since the Keystone XL project was proposed in 2005. The post was flagged as part of Facebooks efforts to combat false news and misinformation on its News Feed. Well get to that in a moment. Opponents of the line fought its construction for years, saying it was unnecessary and would hamper the U.S. transition to cleaner fuels. CALGARY/NEW YORK (Reuters) - The Keystone XL pipeline project may be dead, but the United States is still poised to pull in record imports of Canadian oil in coming years through other . In 1991, a pipeline rupture spilled 1.7 million gallons of crude oil into the Prairie River near Grand Rapids, Minn., in the largest inland U.S. oil spill. 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). Before we explain Keystone, let me first state that beneath the ground of these United States are thousands upon thousands of miles of existing pipeline transporting natural gas and oil. 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. Yet many experts agree that moving ahead with the pipeline wouldn't have prevented U.S. gas prices from climbing to a record high. Get browser notifications for breaking news, live events, and exclusive reporting. 33701 Although Alberta is now on . Environmental activists and indigenous communities hailed the cancellation, and traders and analysts said U.S.-Canada pipelines will have more than enough capacity to handle increasing volumes of crude out of Canada, the primary foreign supplier of oil to the United States (here). A storage yard in Montana contains pipe that was to be used in the construction of the Keystone XL oil pipeline. "Whenever there is political instability in places that produce a lot of oil, markets react," Nemet said. That number is an estimate, and the claim lacks context about the longevity of Keystone jobs. Copyright 2023 Market Realist. By Dennis Romero. All content of the Dow Jones branded indices S&P Dow Jones Indices LLC 2019 and/or its affiliates. Although the project was stopped before it could even reach a quarter of completion, the Keystone Pipeline System is fully functional today. The project became a touchstone issue for climate activists and Indigenous people in Canada and the U.S, including those along the pipeline's route. Ramped up domestic oil production and new supply routes have lessened the U.S.'s need for the hundreds of thousands of barrels . an award-winning journalist who spent over a decade breaking hard news and celebrity scoop with RadarOnline and Us Weekly. The company reportedly secured $1.1 billion, enough to cover construction through 2020, and expected to receive $4.2 billion in 2021 and 2022. In October, the company said it expected to employ more than 11,000 Americans in 2021 and generate more than $1.6 in gross wages. 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." "They want the additional Canadian barrels to displace higher cost barrels from Venezuela, Mexico or Saudi Arabia," said Allen Good, an oil company stock analyst at Morningstar. The operator, Canada-based TC Energy, said the pipeline that runs from Canada to Oklahoma lost about . was to carry about 830,000 barrels a day of . When Biden became President of the United States, he scrapped the project and essentially put it to bed. All Rights Reserved. On page 90, the report concludes that the United States will import the same amount of crude from Canada through 2030 whether or not Keystone XL is built. Lead Stories is a U.S. based fact checking website that is always looking for the latest false, misleading, deceptive or This project would have produced 830,000 barrels of oil per day, more than enough to offset what we import from Russia.". 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. The. Its demise comes as other North American oil pipelines, including Dakota Access and Enbridge Line 3, face continued opposition from environmental groups. In addition, it will boost U.S. energy production, thereby providing a boost to our economy. The Keystone pipeline leaked an estimated 9,120 barrels of oil, or roughly 383,000 gallons, in North Dakota in late October . The Keystone XL pipeline project began some 12 years ago and has yet to reach the final stages of construction. Former EPA chief: Keystone XL will be built, First published September 16, 2013: 3:58 AM ET, You Can Still Buy This "Millionaire Maker" Stock, Bitcoin Up 30,000X -- Here's Your Backdoor In, This Stock Could Be Like Buying Amazon for $3.19, These are your 3 financial advisors near you, This site finds and compares 3 financial advisors in your area, Check this off your list before retirement: talk to an advisor, Answer these questions to find the right financial advisor for you, An Insane Card Offering 0% Interest Until Nearly 2020, Transferring Your Balance to a 14-Month 0% APR is Ingenious, The Top 7 Balance Transfer Credit Cards On The Market Today, Get $300 Back With This Outrageous New Credit Card. As of Monday, May 10, the pipeline had not resumed operations of its main lines, although some smaller lines are operational. It's generally cheaper to transport oil by pipeline than by ship, so refiners would likely opt for the Canadian crude. Before Biden signed his executive order, only a 1.2-mile section of the pipeline had been completed in Montana near the U.S.-Canada border. It did not specify exactly how many jobs would be lost. None of this means Warren Buffett had anything to do with Biden's decision to spike the Keystone Pipeline. Supporters say the oil is no dirtier than other forms of heavy oil the country is currently importing. At the time Mr. Biden halted its construction, the $8 billion expansion was only about8% complete, according to Reuters. The Keystone Pipeline is a series of metal pipes that run from Alberta Canada to Patoka, Illinois and Port Arthur, Texas. So the idea that somehow the president's position on the pipeline that would still not be pumping oil emboldened Vladimir Putin to invade Ukraine is so far-fetched as to be incredible.". In other words, 14% of the investment was made in 2020, with the remaining 86% secured and expected to be paid in 2021 and 2022. Opponents suggest it will harm the environment. Since it first went into operation in 2010, TC Energy's original Keystone Pipeline System has leaked more than a dozen times; one incident in North Dakota sent a 60-foot, 21,000-gallon geyser. Instead, they're a tarry fossil fuel called bitumen that's mixed in with clay, sand, rock and together, can be hard as a hockey puck, destruction of Alberta's forests and health effects that some researchers say could be linked to the strip mining, makes oil sands crude more carbon-intensive and worse for the climate, Biden Administration Strikes A Deal To Bring Offshore Wind To California, the world had to keep half of oil and gas reserves in the ground, enormous pushback from environmental and other activists, including major Democratic donors, TC Energy's pipeline system in the northern Great Plains experienced a series of leaks. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. The oil industry and its allies have claimed that Keystone XL would have created hundreds or even thousands of jobs. These groups argue that the lifecycle greenhouse gas emissions associated with the development of Canadian oil sands is harmful to the environment compared to conventional oil or renewable fuels. The expense of hard-working Kansans. `` producing more, '' Nemet said and for. Is not closed said the pipeline would also accept U.S. crude from the oil is continuing flow. Imported 9.8 million barrels of oil a day from Canada to Texas to mirror,! Decade breaking hard news and misinformation on its news Feed Mercantile Exchange Inc. its! Not resumed operations of its main lines, although some smaller lines are operational yet many experts that... Statement, the Keystone XL pipeline used in the construction of the project was stopped before it even! 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