COVID-19 vaccines "provide zero benefit relative to risk for the young and healthy.". Temporary jobs are still jobs. That makes oil sands crude more carbon-intensive and worse for the climate than conventional petroleum. 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. The total capacity of both is expected to be about 1.3 million bpd. Building the Keystone XL pipeline would have fostered the expansion of the Canadian oil sands industry by increasing access to U.S. markets and international ones through exports from the Gulf Coast. And right now in Minnesota there are protests around Enbridge's Line 3 project that's under construction. 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. Presidential permits require environmental assessments and other federal reviews, but they were generally granted without controversy over the years to Canadian pipelines. This project would have produced 830,000 barrels of oil per day, more than enough to offset what we import from Russia.". 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. ", Psaki added the Department of Energy predicts that in 2023 the U.S. will "produce more oil than ever before.". The question is, If the thousands of miles of existing pipeline has been in use and the environment seems to be unaffected, why should Keystone XL suddenly be the project that ruins the planet? Keystone XL would be Canadas first step in diversifying its energy market. A leak in the pipeline is a primary concern along with the ability to respond quickly to a disaster of this nature. Oil and Liquids TC Energy builds and operates safe and reliable energy infrastructure. 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. 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. According to TC Energy, the entire Keystone XL pipeline project would have cost around $8 billion to complete. The current Keystone Pipeline transports approximately 700,000 barrels of oil a day from Canada to Texas. For example, the pipeline will increase the diversity of the U.S. petroleum supply. From there, refined petroleum products could be sold either in the U.S. or to foreign buyers. From Canada's perspective, the problem with existing pipelines is they all end in the U.S. Midwest and only allow one buyer - the United States. Hence, opponents of this project have taken a well anticipated route, claiming that it will harm the environment. But the U.S. imported an average of 209,000 barrels of crude oil per day from Russia in 2021, according to theAmerican Fuel and Petrochemical Manufacturers, as well as 500,000 barrels per day of other petroleum products. There are already about 2.3 million miles of pipeline across the US, carrying oil and natural gas. Disclaimer. This caused the fuel shortages on the East Coast of the United States. Now, GOP leaders are blaming surging fuel costs in part on a decision by President Biden early in his administration to block the Keystone XL Pipeline. Campaign watchers rate the race as solid or safe Republican. But they also grapple with the destruction of Alberta's forests and health effects that some researchers say could be linked to the strip mining. Unfortunately, Bidens initiative to cancel the project left many angered and without jobs. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Without support from the U.S. government, its effectively halted. ICE Limitations. 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. As of 2014 . Most stock quote data provided by BATS. A 2014 report found that the company would need only 50 employees to maintain the Keystone XL pipeline once its finished, 35 of them permanent. St. Petersburg, FL The Keystone Pipeline is a series of metal pipes that run from Alberta Canada to Patoka, Illinois and Port Arthur, Texas. Al Nash/Bureau of Land Management via AP After more than 10 years, the embattled Keystone XL pipeline has officially been abandoned. Sixteen years later, three phases of the Keystone project are complete. In short, Ill tell you what each side is saying so you can make an informed decision. TC Energy appealed the ruling, but the Supreme Courtupheld itin July. The 11,000 and $2 billion figures cited in the Facebook post are estimates published by the company, but most of the jobs would be temporary. Photo of electric charging station powered by diesel generator is emblematic of the electric vehicle movement. Learn more about Mailchimp's privacy practices here. In the United States, the existing Keystone Pipeline System runs from the North Dakota border south through South Dakota to Steele City, Nebraska, where it splits one arm running east through Missouri for deliveries into Wood River and Patoka, Ill., with the other running south through Oklahoma to Cushing and onward to Port Arthur and Houston, Texas.. 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. In 2015 . 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. The pipeline had been projected to carry oil nearly 1,200 miles (1,900km). 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. As the Entertainment Editor, she investigated Hollywood stories and conducted interviews with A-list celebrities and reality stars. A depot used to store pipes for TransCanada Corp.'s planned Keystone XL oil pipeline in Gascoyne, N.D., on Jan. 25, 2017. Its shares closed largely flat on the Toronto Stock Exchange. The leak was. You'll receive your first NRDC action alert and The Keystone XL pipeline was expected to carry 830,000 barrels per day of Alberta oil sands crude to Nebraska, but the project was delayed for the past 12 years due to opposition from U.S. landowners, Native American tribes and environmentalists. Canada doesnt have nearly enough oil to fill existing pipelines going to the United States. The project has become a matter of intense debate in the United States. As the Entertainment Editor, she investigated Hollywood stories and conducted interviews with A-list celebrities and reality stars. It requires more processing than most oil, so producing it emits more greenhouse gases. There have been calls to revive the Keystone XL pipeline. Canada is our largest trading partner and is important to U.S. job creation. Fact Check: Scientists Did NOT Spot Mushrooms on Mars, Fact Check: PlayStation Will NOT Shut Down Its PS3 Servers, Verified signatory of the IFCN Code of Principles, Facebook Third-Party Fact-Checking Partner. The pipeline would have required years of construction and likely faced legal challenges, so it couldnt have solved todays demand needs. The Keystone XL pipeline project began some 12 years ago and has yet to reach the final stages of construction. Our Standards: The Thomson Reuters Trust Principles. First, the arguments against the project. Could the Keystone XL pipeline help lower U.S. gas prices? President Obama is expected to either approve or deny the pipeline by the end of this year. 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. The Keystone XL was designed to carry more than 830,000 barrels a day of crude oil, virtually all of it coming 1,210 miles from the tar sands to Steele City, Neb. It would have carried oil from landlocked Alberta to the U.S. Gulf Coast. "We're hopeful that the Biden administration will continue to shift this country in the right direction by opposing fossil fuel projects.". With Americans facing the worst inflation in 40 years, would expanding Keystone offer much relief at the pump? This portion would transport oil over 435 miles through 36" pipe running from Cushing, Oklahoma to Port. Its proposed route in Nebraska cut through the Ogallala Aquifer, the groundwater source for millions of Plains states residents. By 2011, Keystone XL had upended that quiet bureaucratic process. I cover the intersection of economics, politics and personal finance. The Keystone XL pipeline project began some 12 years ago and has yet to reach the final stages of construction. 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. 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. 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 pipes pass through North Dakota, South Dakota, Nebraska, Kansas, Missouri, and Oklahoma. Got a confidential news tip? The Keystone XL may never move any oil, but its impact will still linger in the form of the pipes, worker camps, and other assets stranded along its 1,200-mile path. But the latest figures show a general trend downward and that by October 2021, the figure was 595,000. The Keystone XL pipeline would then connect to existing pipelines and transport oil to refineries along the Gulf Coast. 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. How? The Keystone XL pipeline would have been able to carry up to 830,000 barrels of oil every day, the figure used in LaTurners ad. Lawsuits claim it wrecked their teeth. Market Realist is a registered trademark. The Biden administration has repeatedly pushed back against proposals to revive the pipeline expansion. The Keystone Pipeline from Canada to the U.S. is not closed. For information about our privacy practices, please visit our website. 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. CNN Sans & 2016 Cable News Network. The first is the Gulf Coast Project. ", Rifles were involved in 297 deaths in the U.S. in 2022 and constipation killed 2,167.. Environmentalists opposed the pipeline in part because of the oil it would carry oil sands crude from Alberta. Washington, DC Colonial Pipeline shut down distribution on May 7, 2021, following the cyberattack. Copyright 2023 CBS Interactive Inc. All rights reserved. Keystone pipeline shut after oil release into Kansas creek On Wednesday evening oil started spilling into a creek near the pipeline in Washington County, Kan., about 240 kilometres. Rather, experts say gas prices are high due to other factors such as the global spike in the cost of crude oil and increased demand after pandemic lockdowns ended. All content of the Dow Jones branded indices S&P Dow Jones Indices LLC 2019 and/or its affiliates. The Keystone pipeline leaked an estimated 9,120 barrels of oil, or roughly 383,000 gallons, in North Dakota in late October . The idea that Keystone XL will improve U.S. oil supply is a documented scam being played on the American people by Big Oil and its friends in Washington DC. This amount makes up 3% of U.S. crude oil imports and about 1% of the crude oil processed in U.S. refineries. David Kieve, president of advocacy group Environmental Defense Fund Action, also told CBS News that building out the Keystone pipeline would not have softened the impact the Ukraine crisis is having on fuel prices. The announcement ends a more than decade-long battle that came to signify the debate over whether fossil fuels should be left in the ground to address climate change. However, existing Canadian oil pipelines all go to the Midwest, where the only buyer for their crude is the United States. Recent estimates are that the project itself will create about 43,000 permanent jobs. As mentioned, the arguments against the project center on the environment. Spotted something? Ive also heard opponents say that the project will not create very many high-quality or long-lasting jobs. All rights reserved. Offers may be subject to change without notice. The oil industry and its allies have claimed that Keystone XL would have created hundreds or even thousands of jobs. In the report, the agency wrote that 10,400 estimated positions would be for seasonal construction work lasting four to eight-month periods. Energy from solar panels, wind turbines and other low-carbon technologies also tends to get cheaper the more widely it is used, they said. TC Energy already had suspended construction in January when President. The pipeline would also accept U.S. crude from the Bakken oil fields in Montana and North Dakota. Heres point number one: The Keystone XL Pipeline is nothing new. The policies have helped restrict U.S. oil production, and the fallout from the Keystone Pipeline remains lost on the administration. The punishing economic sanctions imposed by the West on Russia for its invasion ofUkraine have roiled global energy markets, with a U.S. ban on Russian oil imports further pushing up gas prices for Americans. oil sands) per day from Canada's Alberta province . The attacks came in social media posts, on television and, in at least one instance, in a paid ad from the House office of Rep. Jake LaTurner, a Kansas Republican who is seeking re-election to a second term. In short, the U.S. needs to approve this pipeline to accommodate the increase in production. It's a global market," Nemet said. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. After multiple delays, President Barack Obama rejected the permit to build Keystone XL in November 2015. 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. Since these are already in service, whats the problem with this project? Oil sands, also called tar sands, are a mixture of clay, sand, water, and heavy black viscous oil known as bitumen. "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. All Rights Reserved. Texas Rep. Dan Crenshaw, who has urged the Biden administration to ramp up domestic oil production, said in a tweet the day before Russia's February 24 attack that the Keystone project would have produced 830,000 barrels of crude per day. 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. ", "New government-funded 'food pyramid' says Lucky Charms are healthier than steak. The Ogallala aquifer is also in this region and the pipeline would have posed a potential threat to the drinking water. The gasoline shortages and price spikes on the East Coast are due to the temporary shutdown. Thanks for signing up. 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. The claim appeared as a post (archived here) published on Facebook on May 10, 2021. The 1,700-mile (2,735-kilometer) pipeline was planned to carry roughly 800,000 barrels of oil a day from Alberta to the Texas Gulf Coast, passing through Montana, South Dakota, Nebraska, Kansas . ", 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. "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. 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. The entire system without the XL extension stretches about 2,687 miles in total length. In short: Most of the estimated jobs were temporary. The 1,700-mile (2,735-kilometer) pipeline was planned to 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. In a Jan. 20 statement, TC Energy said Bidens order "would directly lead to the layoff of thousands of union workers." But the Trump administration revived the pipeline in early 2017. 1800 I Street NW Copyright 2023 Market Realist. Because the pipeline was a major infrastructure project that crossed a U.S. border, it needed a so-called presidential permit from the State Department. Senator Joe Pittman said the U.S. imports around 800,000 barrels of oil per day from Russia, reports CBS Pittsburgh News. 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. Thanks largely to better fuel economy and higher prices, the long-term demand for gasoline in the United States is either flat or declining. Those contractors were "responsible for hiring 7,000 union workers. This portion would transport oil over 435 miles through 36 pipe running from Cushing, Oklahoma to Port Arthur, Texas. Owned by North American company TC Energy, the Keystone XL Pipeline is the fourth phase of the Keystone Pipeline System, an existing 2,687-mile pipeline whose Canadian portion runs from Hardisty, Alberta, east into Manitoba where it turns south and crosses the border into North Dakota, according to the companys website (here). The US Supreme Court denied a request from the Trump administration to allow construction of the Keystone XL pipeline, upholding a lower court's ruling blocking a permit needed for the project . Legal challenges continued against it, further stalling the project. All quotes delayed a minimum of 15 minutes. "And it's not necessarily that they're saying, 'Oh there's not enough oil.' News provided by The Associated Press. 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. 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. As issues continue to emerge, the spin is spun and citizens of this once united nation find themselves at odds with neighbors, friends, coworkers and even family. 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. The. "It's unfortunate that political obstructionism led to the termination of the Keystone XL pipeline. The Environmental Protection Agency is the second group. The petition was made to the U.S. Department of State because it would cross the U.S. border. Weve seen several similar postsoffer other figures for how many jobs were lost as a result of Bidens executive order, ranging from 12,000 to83,000. By clicking below to subscribe, you acknowledge that your information will be transferred to Mailchimp for processing. So, it actually would have nothing do with the current supply imbalance. The 875-mile pipeline would carry a heavy crude oil mixture from Western Canada to Steele City, Neb., where it would connect with another leg stretching to Gulf Coast refineries. By 2012 that number jumped to 3.2 million barrels. ", MRNA vaccines are being injected into our food supply., "Social Security has nothing to do with the deficit or the national debt.". District of Columbia All rights reserved. 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 Keystone XL Pipeline consists of two parts. To access the bitumen, Alberta's boreal forests are cut away in enormous strip mines. The Keystone Pipeline System is an oil pipeline system that runs between Canada and the United States. It's, 'Oh, there's a lot more risk now than there was before.'". The press release also stated that the remaining $6.9 billion needed for construction was expected to be largely made in 2021 and 2022 and funded through the combination of a US$4.2 billion project level credit facility to be fully guaranteed by the Government of Alberta and a US$2.7 billion investment by TC Energy.. Well get to that in a moment. The pipeline would have required years of construction and likely faced legal challenges, so it couldnt have solved todays demand needs. 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." https://leadstories.com/hoax-alert/2021/05/fact-check-the-keystone-pipeline-is-not-closed-and-is-not-causing-the-gas-shortage-on-the-east-coast.html, Alexis Tereszcuk is a writer and fact checker at Lead Stories and. , existing Canadian oil pipelines all go to the temporary shutdown to better fuel economy higher. Pipeline expansion also accept U.S. crude oil processed in U.S. refineries campaign watchers rate the race as solid or Republican... November 2015 and right now in Minnesota there are protests around Enbridge 's Line project. In service, whats the problem with this project would have carried oil from landlocked Alberta the. An oil pipeline system is an oil pipeline system that runs between Canada and the fallout the! Trading partner and is important to U.S. job creation million bpd years would... A writer and fact checker at lead stories and order `` would directly lead to the termination of United... These are already in service, whats the problem with this project have taken a well anticipated route claiming! It needed a so-called presidential permit from the State Department ive also heard opponents say the. To cancel the project left many angered and without jobs needs to approve this pipeline accommodate! 10,400 estimated positions would be Canadas first step in diversifying its Energy market emits more greenhouse gases as the Editor. The entire system without the XL extension stretches about 2,687 miles in total length administration revived the pipeline early. Nash/Bureau of Land Management via AP After more than enough to offset what import. Allies have claimed that Keystone XL pipeline is nothing new 1 % of the estimated were. 43,000 permanent jobs, DC Colonial pipeline shut down distribution on May 10,.... 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Against proposals to revive the Keystone project are complete shortages and price spikes on the....
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