US politics website POLITICO with the report.
- Trump plans to revive the Keystone XL oil pipeline on his first day back in the White House.
The yoyo ride so far:
- The Keystone XL pipeline’s U.S.-Canada border permit was rejected by President Obama in 2015, approved by Trump in 2017, and revoked by Biden (the most-bullish President for oil in history) in 2021.
- After Biden’s decision, TC Energy, the pipeline’s developer, abandoned the project and removed installed segments.
TC Energy no longer owns the pipeline system, and any effort to rebuild would require new local permits.
- U.S. oil production has reached record levels, reducing the economic necessity of Canadian crude imports to the Gulf Coast.
- Canadian oil exports hit record levels in 2024, aided by a new pipeline link to the West Coast, making Keystone XL less critical.
Old pic.
This article was written by Eamonn Sheridan at www.forexlive.com.
