U.S. President Joe Biden’s brain must be an irony-free zone.
Having killed the Keystone XL pipeline on his first day in office on Jan. 20, 2021, he’s now looking for ways to increase shipments of Canadian oil to the U.S..
According to a report in the Wall Street Journal Tuesday, “Biden administration officials are seeking ways to boost oil imports from Canada … but … they don’t want to resurrect the Keystone XL pipeline that Biden effectively killed on his first day in office … deliberations are in early stages and no clear-cut solutions have emerged.”
U.S. President Joe Biden’s brain must be an irony-free zone. Having killed the Keystone XL pipeline on his first day in office on Jan. 20, 2021, he’s now looking for ways to increase shipments of Canadian oil to the U.S.. According to a report in the Wall Street Journal Tuesday, “Biden...
Only 8% of the Keystone XL extension — which both former prime minister Stephen Harper and Trudeau supported — had been built when Biden scrapped it last year.
That makes it doubtful it would have been ready to transport oil today, even if Biden had revived it.
Nor would Keystone XL have been a cure-all for U.S. or global energy security — increasing Canadian oil exports to the U.S. by 830,000 barrels a day, a fraction of total exports of four million barrels a day.
But it could have been one part of the solution to reducing the world’s reliance on Russian oil and natural gas, as opposed to the current magical thinking in North America and Europe that we can do it by building more wind turbines and solar panels.
Just for starters, neither can provide base load power to the electricity grid on demand.
A report Tuesday that the Biden administration is in the early stages of looking for ways to increase oil imports from Canada was good news for Canadian oil and gas producers gathered virtually to discuss investment in the sector.
Producers welcomed the Wall Street Journal report that U.S. officials are discussing how to enable a hike in imports, but at the same time were discouraged by the fact the White House appears to have no intention of reviving the Keystone XL pipeline project cancelled by U.S. President Joe Biden on his first day in office.
Energy security centre stage at gathering of producers
“It’s disappointing the messages we’ve heard about Keystone. At a time where there’s an active war in Europe, we need to get beyond the politics,” Tim McMillan, president of the Canadian Association of Petroleum Producers (CAPP), said at the first day of the two-day Scotiabank CAPP Energy Symposium.
“Keystone XL was a high quality project that has gone through an incredibly rigorous review and I’d love to see it resurrected. That being said, on the natural gas side, on other pipelines – I think we continue to push to have more access to one of the largest customers in the world.”
Producers welcomed the acknowledgement of Canada’s importance to U.S. energy security — particularly following weeks of reports of American officials courting Venezuela and Saudi Arabia for assistance in easing supply concerns. The Journal report suggested import options could include shipping more oil by rail or expanding pipeline capacity along existing routes.
The rest at the above LINK….but:
“Canadian firms attracted around 10 per cent of global investment in oil and gas in 2014, but that figure is closer to six per cent today, MacMillan said.”