The Keystone XL pipeline project began some 12 years ago and has yet to reach the final stages of construction. Most of those positions would have been temporary construction jobs. "For 13 years, an international movement of frontline communities in the U.S. and Canada, Indigenous leaders, and environmentalists fought back against this terrible proposed project at every turn," Sierra Club Executive Director Michael Brune said in a statement. "In the month since Republicans took the House majority," they are trying to "impose a 30% tax on everything. On March 7, Fox News' Peter Doocy asked White House Press Secretary Jen Psaki whether Mr. Biden would "ever undo his executive order that stopped the construction of the Keystone XL" in an effort to lower gas prices. Supporters say the oil is no dirtier than other forms of heavy oil the country is currently importing. Cellphone data used to arrest the Idaho quadruple-murder suspect proves that criticism of the 2000 Mules movies use of cell data is unfounded. In addition, it will boost U.S. energy production, thereby providing a boost to our economy. TC Energy already had suspended construction in January when President. 727-821-9494, The Keystone XL pipeline "would have produced 830,000 barrels of oil per day, more than enough to offset what we import from Russia. A Warner Bros. inaccurate stories, videos or images going viral on the internet. In October, TC Energy awarded contracts to six American union contractors to build the Keystone XL pipeline in three states in 2021. That initial jump in the cost of crude was driven by the ongoing economic recovery, which boosted demand by consumers and businesses that had been dampened by the COVID-19 pandemic. 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. A damaged section of the Keystone Pipeline was reopened Thursday after weeks of repairs and clean up following a leak of 600,000 gallons of crude oil into a Kansas creek, officials said. I cover the intersection of economics, politics and personal finance. The Reuters Fact Check team previously debunked social media claims surrounding the Keystone XL Pipeline, here . 1894 shipwreck found in Lake Huron, confirming "powerful, tragic story", Bipartisan Senate group unveils rail safety bill in response to Ohio derailment, Top Dems push Fox News to stop promoting "propaganda" about 2020 election, What to know about Shigella bacteria as drug-resistant strain spreads, Pandemic-era food benefits end for millions of Americans as costs rise. Spotted something? Booms, Busts And Billionaires: An eBook From Forbes. In short, the U.S. needs to approve this pipeline to accommodate the increase in production. All rights reserved. The pipeline would divert large volumes of Canadian oil from the Midwest to the Gulf Coast, where it would be available for the first time to buyers on the world market. Part of TransCanada's Keystone XL pipeline under construction in Atoka, Oklahoma. Find out whats happened to the oil industryand where its headed next. According to TC Energy, the entire Keystone XL pipeline project would have cost around $8 billion to complete. First proposed in 2008, the $8 billion pipeline would deliver over 800,000 barrels of oil a day. It opened: A Facebook post says that Bidens executive order revoking the Keystone XL pipeline "is destroying 11,000 jobs.". Because no refineries between Alabama and the mid-Atlantic produce substantial quantities of transportation fuels, the southeastern United States is supplied primarily by pipeline flows, and to a lesser degree, with marine shipments from the U.S. Gulf Coast and imports. 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. Data is a real-time snapshot *Data is delayed at least 15 minutes. ", "New government-funded 'food pyramid' says Lucky Charms are healthier than steak. Natural Resources Defense Council 2023 Privacy Policy Keystone XL, which was proposed in 2008 to bring oil from Canada's Western tar sands to U.S. refiners, 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. In short: Most of the estimated jobs were temporary. 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). It threatened to seep into the Mississippi. But most of those jobs are temporary. Unlike oil, renewable energy relies far less on fixed and limited natural resources. / CBS News. It's important to understand what's contributing to the high prices of oil in the first place. Canada-based TC Energy first proposed the 1,200 mile Keystone XL pipeline in 2008 as a way to quickly pump 830,000 barrels of tar sands (a.k.a. We will Some ask why should it proceed? 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. It seems as though the polarization of the United States is increasing. The Keystone Pipeline System is an oil pipeline system in Canada and the United States, commissioned in 2010 and owned by TC EnergyAs of March 2020, the Government of Alberta. And, we also have the technology to assure that the environment will be protected. TC Energy Corp., the Canadian company that owns the Keystone XL pipelinewith the Alberta government, has said more than 1,000 people are out of work because of Bidens executive order. 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. Although I do have an opinion on the matter, which I will share later, facts are facts which cannot be changed. Campaign watchers rate the race as solid or safe Republican. On his first day in office, President Joe Biden signed an executive order revoking the permit for the Keystone XL pipeline, halting its construction in the U.S. TC Energy estimated in October that the pipeline would employ 11,000 Americans in 2021, generating more than $1.6 billion in wages. The gas shortage on the East Coast of the United States in May 2021 was triggered by a cyberattack that caused the shutdown of the Colonial Pipeline, which runs from Houston to New Jersey and supplies 45% of the gasoline to the East Coast. The claim appeared as a post (archived here) published on Facebook on May 10, 2021. ", Even if the pipeline was already built, it wouldn't help with the price at the pump, Nemet added, noting that the U.S. has already doubled its oil production over the last 15 years. "Whenever there is political instability in places that produce a lot of oil, markets react," Nemet said. Legal challenges continued against it, further stalling the project. Three of the phases have now been completed, while the fourth one, an extension known as the Keystone XL (which stands for Keystone export limited), was cancelled in 2021. We want to hear from you. Copyright 2023 Politifact. 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. To review: Keystone XL, a project of the TransCanada Corporation (now TC Energy), was slated to carry oil from Alberta's tar sands across the country to refineries on the Gulf of Mexico. All Rights Reserved. This project would have produced 830,000 barrels of oil per day, more than enough to offset what we import from Russia.". 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. 2023 CNBC LLC. The company behind the controversial Keystone XL oil pipeline said Wednesday it's officially terminating the project. Canada-based TC Energy . But it's also true that exports of refined products from the United States will likely continue to rise. Oil sands, also called tar sands, are a mixture of clay, sand, water, and heavy black viscous oil known as bitumen. The Keystone XL pipeline's developer has halted all construction on the project months after its permit was revoked by the Biden administration. Heres point number one: The Keystone XL Pipeline is nothing new. The operator, Canada-based TC Energy, said the pipeline that runs from Canada to Oklahoma lost about . Second, the bitumen can be blended with lighter hydrocarbons to create a heavy crude. A Division of NBCUniversal. Senator Joe Pittman said the U.S. imports around 800,000 barrels of oil per day from Russia, reports CBS Pittsburgh News. Legal Statement. TC Energy's 1,210-mile Keystone XL pipeline would have had a capacity of 830,000 barrels per day with crude oil originating from Hardisty, Alberta, and heading to Steele City, Nebraska, where it would then be shipped to U.S. Gulf Coast refineries. First proposed in 2008, the $8 billion pipeline would deliver over 800,000 barrels of oil a day. This portion has been flowing since February 2011. ", "We're all mindful of the pain that Americans are feeling at the pump right now, but the best way to eliminate pain at the pump in the long run is to get rid of the pump altogether," Kieve said. Well get to that in a moment. St. Petersburg, FL The GAO study showed that the U.S. stretches of TC Energy's 2,700-mile Keystone pipeline had a failure rate in line with the national average during its first six years of service, with most of . The other major candidate for the seat is Democrat Patrick Schmidt, a former U.S. Navy intelligence officer. 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. 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. All Rights Reserved. The Biden administration has repeatedly pushed back against proposals to revive the pipeline expansion. The Keystone XL pipeline was designed to carry tar sands oil from Alberta, Canada, to Nebraska, where it would have connected to the Keystone Pipeline System. 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. Solid green shows the full length in operation and the dotted green line shows the proposed Keystone XL project that was halted in January 2021: Lead Stories has debunked other false claims about the Keystone Pipeline projects impact on gas prices here and here. South Dakota Gov. Oil sands production is increasing in the U.S. with the majority of it in the form of heavy crude. You'll receive your first NRDC action alert and Alexis crime reporting earned her spots as a contributor on the Nancy Grace show, CNN, Fox News and Entertainment Tonight, among others. Expanding the Keystone would have increased global oil production by less than 1%, an amount, they explained, is "almost negligible. In 2015 . The Department of State, in consideration of the permit, must examine the potential impact of the pipeline on the environment, the economy, U.S. energy security, and foreign policy plus a few additional items. "The oil is continuing to flow in, just through other means. "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 Keystone pipeline leaked an estimated 9,120 barrels of oil, or roughly 383,000 gallons, in North Dakota in late October . In a world of wild talk and fake news, help us stand up for the facts. The original petition for permit was denied on January 18, 2012 due to environmental concerns. A southern leg from Cushing,. "But in terms of gasoline prices and global oil prices, it's just something it's better to just ignore because it would have no impact. Now for the issue that has polarized America. Former U.S. President Donald Trump had approved a permit for the line in 2017, but it continued to face legal challenges that hampered construction. By 2011, Keystone XL had upended that quiet bureaucratic process. President Biden's energy agenda has strengthened Putin at the expense of hard-working Kansans.". The pipes pass through North Dakota, South Dakota, Nebraska, Kansas, Missouri, and Oklahoma. Both of these forms can be transported by pipeline. "Unusual cancers are exploding right into stage 4" and those cancer cells have the spike protein. Proponents also argue that the pipeline will enhance U.S. energy security and help maintain adequate crude oil supplies for U.S. refineries. News provided by The Associated Press. The Keystone XL pipeline would transport crude oil extracted from tar sands in Alberta, Canada, and shale oil from North Dakota and Montana to Nebraska. Construction began in April 2020, but that same month,a federal courtsaid that the project had to go through a full endangered species review. One of them sparked outrage on Facebook over its effect on American jobs. The deposits are not in underground reservoirs like conventional petroleum. A storage yard in Montana contains pipe that was to be used in the construction of the Keystone XL oil pipeline. 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. It pledged to ensure a safe termination of the project. 33701 TC Energy planned to invest the remaining $2.7 billion to fund the project. Even in the future, there would be no certainty that the pipeline could produce a net increase of 800,000 barrels a day. November 18, 2014. It was denied. The company reportedly secured $1.1 billion, enough to cover construction through 2020, and expected to receive $4.2 billion in 2021 and 2022. The vote was one shy of passage at 59-41. The oil industry and its allies have claimed that Keystone XL would have created hundreds or even thousands of jobs. Our Standards: The Thomson Reuters Trust Principles. "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. A lot has changed since the Keystone XL project was proposed in 2005. 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." 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. Factset: FactSet Research Systems Inc.2019. The pipeline was set to carry oil 1,200 miles (1 . In fact, TransCanada refused to support a requirement that oil on Keystone XL be used in the United States in a recent Congressional hearing. "On behalf of our Ponca Nation we welcome this long overdue news and thank all who worked so tirelessly to educate and fight to prevent this from coming to fruition. Powered and implemented by FactSet. A revised permit was resubmitted in May 2012 which contained an alternate route. The developer has now canceled the controversial project. The 11,000 figure in the Facebook post appears to stem from an Oct. 28, Biden signed an order that revoked the permit, 11-volume State Department report on the Keystone XL pipeline, WRAL partners with PolitiFact NC to fact check political stories, State Department found in its 2014 report, Our ethics policy for PolitiFact journalists. Copyright 2023 Market Realist. But this post could leave the wrong impression without full context. This project would have produced 830,000 barrels of oil per day, more than enough to offset what we import from Russia. 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. In summary, Keystone is good for the economy, good for U.S. energy independence, and good for the American consumer. We reached out to the White House for a comment, but we havent heard back. Fourth is the U.S. In May 2021, the U.S. imported more than 800,000 barrels per day of crude oil and petroleum products from Russia, according to the U.S. Energy Administration. In the ad, which began running on Facebook and Instagram on Feb. 25, the day after the invasion, LaTurner stated: "President Biden canceled the Keystone XL Pipeline on his first day in office. 801 3rd St. S Opinions expressed by Forbes Contributors are their own. A $9 billion oil pipeline that became a symbol of the rising political clout of climate change advocates and a flash point in U.S.-Canada relations was officially canceled on Wednesday. (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. It's, 'Oh, there's a lot more risk now than there was before.'". In 2008 the country exported 1.8 million barrels a day of refined products, according to EIA. 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. Buffett does stand to profit from the cancelation of the Keystone pipeline and perhaps a great deal. This caused the fuel shortages on the East Coast of the United States. Al Nash/Bureau of Land Management via AP The Keystone XL tar sands pipeline is back in full force. Oil sands crude emits about 17% more greenhouse gases than traditional oil, according to the U.S. State Department, largely due to the heat it takes to separate the oil from the sand. LaTurner represents Kansas 2nd District, which covers the Topeka area and points south. Finally, the pipeline would expand the transportation of oil sands from the Midwest to the Gulf Coast. President Joe Biden's revocation of the March 2019 permit enabling the construction of the Keystone XL pipeline will likely result in more crude-by-rail volumes, according to industry. Li Cohen is a social media producer and trending content writer for CBS News. 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. 4 Min Read. "But there is a recognition that those types of actions may have some impact on the prices that Americans are paying at the pump.". 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