Free Trial

Alberta leader urges Biden to hear case for Keystone XL

TORONTO (AP) — The premier of Canada’s oil-rich province of Alberta wants President-elect Joe Biden to give the Canadian government a chance to make the case for the Keystone XL oil sands pipeline to be built.

Alberta Premier Jason Kenney said Monday he will seek legal damages if reports are true that Biden plans to scrap the pipeline on his first day as U.S. president. Biden’s plan is outlined in transition documents seen by Canadian media outlets.

“We hope President-elect Biden will show respect for Canada and will sit down and at the very least talk to us,” Kenney said.

The 1,700-mile (2,735-kilometer) pipeline would carry roughly 800,000 barrels of oil a day from Alberta to the Texas Gulf Coast, passing through Montana, South Dakota, Nebraska, Kansas and Oklahoma.

First proposed in 2008, the pipeline has become emblematic of the tensions between economic development and curbing the fossil fuel emissions that are causing climate change. The Obama administration rejected it, but President Donald Trump revived it and has been a strong supporter. Construction already started.

Canadian Prime Minister Justin Trudeau raised Keystone XL as a top priority when he spoke with President-elect Biden in a phone call in November. The project is meant to expand critical oil exports for Canada, which has the third-largest oil reserves in the world.

Trudeau and Biden are close and largely politically aligned, but the pipeline is expected to be early irritant as Biden has said he would cancel it.

“This is about the Canada-U.S. relationship,” said Kenney, whose province has a financial stake in the pipeline.

After reports surfaced that it would be canceled on the first day of Biden’s term, Calgary, Alberta-based TC Energy Corp. announced late Sunday it would spent US$1.7 billion on a solar, wind and battery-powered operating system for the pipeline to ensure it is zero-emission by 2030, and to rely exclusively on union labor.

Federal Natural Resource Minister Seamus O'Regan said in a statement his government continues to make the case for the pipeline to American colleagues.

“Canadian oil is produced under strong environmental and climate policy frameworks, and this project will not only strengthen the vital Canada-U.S energy relationship, but create thousands of good jobs for workers on both sides of the border," he said.

Roland Paris, a former foreign policy adviser to Trudeau, noted it has been Biden’s position to cancel it for a long time.

“Still, he should recognize that peremptorily revoking the permit without first giving Canada a chance to make its case wouldn’t exactly send a signal of renewed friendship that he has promised towards America’s closest allies,” Paris tweeted.

→ 2 Pro Traders… 4 Livestreams… 4 Live Trades (From Monument Traders Alliance) (Ad)

Where should you invest $1,000 right now?

Before you make your next trade, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis.

Our team has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and none of the big name stocks were on the list.

They believe these five stocks are the five best companies for investors to buy now...

See The Five Stocks Here

7 Stocks That Could Be Bigger Than Tesla, Nvidia, and Google Cover

Growth stocks offer a lot of bang for your buck, and we've got the next upcoming superstars to strongly consider for your portfolio.

Get This Free Report
Like this article? Share it with a colleague.

Featured Articles and Offers

Recent Videos

Energy Vault’s 100% Stock Jump: CEO Discusses $350M Project in Australia in MarketBeat CEO Series
Market Shifts After Election: What Stocks Could Benefit Most?
Post-Election Chaos or Opportunity? Prepare Your Investments

Stock Lists

All Stock Lists

Investing Tools

Calendars and Tools

Search Headlines