What does Keystone cancellation mean for Canada?

What does Keystone cancellation mean for Canada?

And with the cancellation of the Keystone pipeline, Canada’s reliance on rail to ship oil has increased, Masson said. But, transporting crude oil by rail is a lot riskier and costlier than using pipelines. “So generally it’s more expensive, which could mean less oil from Canada and more oil from other places,” he said.

How much money does Canada have in the Keystone pipeline?

If it had been completed, the project would have contributed approximately $2.4 billion to Canada’s GDP and an estimated $30 billion in tax and royalty revenues.

How much did Canada invest in Keystone pipeline?

The Alberta government agreed last year to invest about $1.5 billion as equity in the project, plus billions more in loan guarantees in order to get the pipeline moving. As a result, the Canadian leg of the project had been under construction for several months with around 1,000 workers in southeast Alberta.

What happened to the Keystone XL pipeline?

(CNN) The developer of the Keystone XL pipeline announced Wednesday it is pulling the plug on the controversial project after the Biden administration revoked its permit in January.

What does the American Petroleum Institute have to say about Keystone XL?

The American Petroleum Institute, the oil and gas industry’s largest trade group, expressed disappointment over the news. “It’s unfortunate that political obstructionism led to the termination of the Keystone XL Pipeline,” said Robin Rorick, vice president of midstream and industry operations at the API.

What does the Keystone XL cancellation mean for the fossil fuel industry?

“The cancellation of Keystone XL is a reminder that this project was never needed and never in the public interest, and that it is time for the fossil fuel era to rapidly come to a close,” David Turnbull, strategic communications director with Oil Change International, said in a statement.