Former Energy Secretary Rick Perry reveals President-elect Donald Trump’s energy policies on The Claman Countdown.
President-elect Donald Trump is reportedly planning to take measures aimed at restarting the country Keystone XL Pipeline once he takes office in a rebuke to President Biden’s decision to terminate him early in his term, though the process of reviving the project could prove difficult.
The Keystone XL pipeline was supposed to run from Alberta, Canada to the US through Montana and South Dakota to Nebraska. From there he will carry oil is extracted in Canada, Montana and North Dakota to refineries on the Gulf Coast and in Illinois through existing pipeline networks.
It was first proposed in 2008, but quickly faced opposition due to environmental and climate concerns. Then-President Barack Obama rejected the project in 2015, and Trump reversed that decision when he took office in 2017 to allow it to proceed. However, Biden rescinded the pipeline permits after taking office in 2021.
“It’s very sad that this company, which has invested billions of dollars in these pipelines, has been stymied by our government because the Keystone pipeline has become a metaphor for the green movement against oil,” Phil Flynn, FOX Business Network contributor and senior account manager at Price Futures Group , said in an interview.
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The Keystone XL pipeline project was canceled by President Biden in 2021, although President-elect Trump could try to revive it. (Jason Franson/Bloomberg/Getty Images)
Trump has been regularly criticized Biden’s decision during the 2024 campaign and said during his wide-ranging interview with supporter-turned-advisor Elon Musk that “I allowed it in my first week because it was jobs and it was moving oil. And, by the way, in a much more environmentally friendly way, it’s underground, it’s not a truck that caught fire, and it’s not a train that caught fire.”
Trump could take executive action to clear the way for the project’s recovery when he returns to the Oval Office, given its potential to create jobs and promote energy security.
An Department of Energy In the December 2022 report. compiled the results of various impact studies of the proposed project, which determined that it would create between 16,149 and 59,000 jobs and generate an economic impact of between $3.4 billion and $9.6 billion. A previous federal government report released in 2014 indicated that 3,900 jobs and 21,050 jobs would be created during the expected two-year construction process.
Then-President Donald Trump announces final approval of the XL Pipeline after meeting with the National Economic Council in the Oval Office of the White House on March 24, 2017. President Biden rescinded the order in 2021. (AFP/Getty Images)
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However, the original owner of the Keystone XL pipeline project, TC Energy, removed part of the pipeline that was built in anticipation of the project continuing after Trump’s approval in 2017.
“A lot of the infrastructure that was in place, some of it is still in place, some of it is not in place,” Flynn said. “Some of the steel has been sold, so it’s going to take a lot of work to get that particular pipeline going, and they’re still, even though there’s been pre-approvals, because they need to rebuild parts of the pipeline that may have to go through the local approval process again , so it can be kind of a struggle.”
Pipes for the Keystone XL pipeline are stacked in a yard near Oen, Alberta, Canada, on Tuesday, January 26, 2021. (Photo by Jason Franson/Bloomberg via Getty Images/Getty Images)
TC Energy recently spun off oil pipelines business of the new company South Bow, which has not said whether it will try to restart the Keystone XL project.
“South Bow is supporting efforts to transport more Canadian crude oil to meet demand in the U.S.,” the company said in a statement to FOX Business. “South Bow’s long-term strategy is to grow our business safely and efficiently.”
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Former Keystone Pipeline worker Bugsy Allen reacts to President-elect Donald Trump’s plan to restart the project and U.S. energy production on “Fox & Friends Weekend.”
Regardless of whether Keystone XL is eventually restarted, Flynn said more pipelines will likely be built that cross Canada-US border in the following years, taking into account the dynamics of the oil market.
“Canada wants to build more pipelines from Canada to the U.S. to the Gulf Coast and other areas,” Flynn said. “Whether or not we get this particular pipeline reincarnated, we’re definitely going to see more pipelines coming down from Canada.”
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Flynn noted that Keystone XL or a similar pipeline from Canada would help address a global shortage of diesel, which can be more efficiently refined using Canadian oil sands, which are a heavier mix of crude oil than U.S. shale oil.
“If you look around the world, the supply of diesel fuel is relatively tight, and the world needs more of it,” Flynn said, adding that pipelines like Keystone XL would allow Canadian oil to get to the U.S. “in a more efficient and safer way.” “, helping to ease the global supply shortage.
Madeleine Coggins of FOX Business contributed to this report.
