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TC Energy officially scraps Keystone XL Pipeline

TC Energy officially scraps Keystone XL Pipeline

TC Energy abandons Keystone XL Pipeline. Biden revoked the pipeline’s permit in January.

Where: Calgary, Canada

The Facts

▪ The 1200 miles long pipeline was proposed in 2008 to transport 830,000 barrels of oil per day from Western Tar sands in Canada to US refiners.

▪ US landowners, Native American tribes, and environmentalists protested against the pipeline since its conception leading to a 12-year delay.

▪ Biden had pledged to scrap the project and did so on his first day in office.

▪ Obama, in 2015 too, had rejected a permit for the pipeline after a drawn-out review citing environmental concerns.

▪ A State Department investigation in 2012 had found that approving or denying the project would not influence the emissions rate since it was unlikely to affect the volume of oil sands extraction.

▪ The project’s original cost of $5.4 billion ballooned to $9 billion since 2008, while oil prices fell from $100 a barrel to $70. TC energy reported a loss of C$2.2 billion ($1.81 billion) in the first quarter due to the project’s suspension.

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