U.S. President Joe Biden revokes Keystone XL permit

U.S. President Joe Biden revokes Keystone XL permit

The permit for Calgary-based TC Energy’s Keystone XL pipeline has been revoked by U.S. President Joe Biden revoked today after being sworn in as the 46th president U.S.. This is the $8 billion pipeline permit which has been revoked on the Inauguration Day by president Biden.

TC Energy released the statement Wednesday morning which read,

“TC Energy will review the decision, assess its implications and consider its options,” the statement reads. “However, as a result of the expected revocation of the presidential permit, advancement of the project will be suspended.”

“This would overturn an unprecedented, comprehensive regulatory process that lasted more than a decade.”

“We’re disappointed that the new president has lost sight of the huge economic and strategic advantages of this project,” said PCAC president Paul de Jong.

“Pulling the plug on a major project, hours after taking office, is a rocky starting point for re-setting Canada/U.S. relations.”

This is the 1,897-kilometre pipeline, which would be able to carry 830,000 barrels of crude a day from the oilsands in Alberta to Nebraska, if completed.  The project was first announced in 2005.

The decision has certainly shocked Canada specifically Alberta.