On his first day in office, President Joe Biden signed an executive order revoking the permit for the Keystone XL pipeline, halting its construction in the U.S. TC Energy estimated in October that the pipeline would employ 11,000 Americans in 2021, generating more than $1.6 billion in wages. As of Monday, May 10, the pipeline had not resumed operations of its main lines, although some smaller lines are operational. When the U.S. expands its energy transportation system, additional workers are required to maintain and oversee it. TC Energy planned to invest the remaining $2.7 billion to fund the project. I cover the intersection of economics, politics and personal finance. In 2005, the company announced its intentions to build a pipeline to transport crude oil from the oil sands region of Alberta, Canada to the existing Keystone Pipeline in Steele City, Nebraska. ", Feb. 26, 2022, Alberta.ca, "Pipeline Project - Keystone XL," accessed Feb. 28, 2022. Factset: FactSet Research Systems Inc.2019. A leak in the pipeline is a primary concern along with the ability to respond quickly to a disaster of this nature. 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. The operator, Canada-based TC Energy, said the pipeline that runs from Canada to Oklahoma lost about . "We remain disappointed and frustrated with the circumstances surrounding the Keystone XL project, including the cancellation of the presidential permit for the pipeline's border crossing," Alberta Premier Jason Kenney said in a statement. Hence, opponents of this project have taken a well anticipated route, claiming that it will harm the environment. The leak was. 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. A depot used to store pipes for TransCanada Corp.'s planned Keystone XL oil pipeline in Gascoyne, N.D., on Jan. 25, 2017. Ramped up domestic oil production and new supply routes have lessened the U.S.'s need for the hundreds of thousands of barrels . The State Department is one of 15 departments under the executive branch of the federal government. Without support from the U.S. government, its effectively halted. The claim appeared as a post (archived here) published on Facebook on May 10, 2021. Market data provided by ICE Data Services. The Keystone XL pipeline was expected to act as an extension to this larger system that would run 1,210 miles from Hardisty, Alberta to Nebraska.. The war in Ukraine also plays a role, although it was not the instigator of the increase. Powered and implemented by FactSet. This pipeline is the already existing Keystone pipeline that sends 550,000 barrels of oil from Alberta to Steel City. Keystone XL is a relatively small issue compared to the entirety of the existing U.S. pipeline system. The third group is the Bureau of Land Management which grants temporary permits for portions of the project that would encroach on federal lands. The current Keystone Pipeline transports approximately 700,000 barrels of oil a day from Canada to Texas. So the idea that somehow the president's position on the pipeline that would still not be pumping oil emboldened Vladimir Putin to invade Ukraine is so far-fetched as to be incredible.". keep you informed with the latest alerts and progress reports. The company announced that it hopes to restore service by the end of the week. 1800 I Street NW The Keystone XL pipeline was. A storage yard in Montana contains pipe that was to be used in the construction of the Keystone XL oil pipeline. ", Earthquake in Turkey and Syria is "a systemic attack against Kurdish people.". Canadians, including Indigenous peoples, have benefited economically from the oil sands mining. Cellphone data used to arrest the Idaho quadruple-murder suspect proves that criticism of the 2000 Mules movies use of cell data is unfounded. President Joe Biden spent his first day in the White House signing a spate of executive orders aimed at undoing the policies of the Trump administration. The capacity of existing pipelines is about 591,000 barrels per day (bpd) and the two pending pipelines are expected to transport about 700,000 bpd initially with a potential of 830,000 bpd. Photo of electric charging station powered by diesel generator is emblematic of the electric vehicle movement. Pipeline opponents are invigorated by the Keystone XL decision and hope for more wins. Not only did the revocation of the Keystone XL pipeline project permit reportedly hurt the Canadian and Alberta economies, but it cut thousands of jobs for Canadians and Americans. Got a confidential news tip? stated on February 26, 2023 an Instagram post: stated on February 8, 2023 a Facebook post: stated on February 7, 2023 a post on Facebook: stated on February 6, 2023 an Instagram post: stated on January 25, 2023 an Instagram post: stated on February 4, 2023 a Facebook post: stated on January 27, 2023 a Facebook post: stated on January 23, 2023 an Instagram post: stated on January 15, 2023 an Instagram post: stated on January 12, 2023 a Facebook post: stated on January 5, 2023 a Facebook post: stated on January 3, 2023 a video shared on Instagram: stated on February 25, 2023 in a Facebook post: stated on February 22, 2023 in a Facebook post: stated on February 26, 2023 in an Instagram post: stated on February 27, 2023 in a Facebook post: stated on February 15, 2023 in a Facebook post: stated on February 26, 2023 in a video on Facebook: stated on February 25, 2023 in an Instagram post: stated on February 18, 2023 in a Facebook post: All Rights Reserved Poynter Institute 2020, a 501(c)(3) nonprofit organization, Russian President Vladimir Putin intercepts adrenochrome shipment headed to United States., "U.S. is importing large amount of Russian oil, but Facebook post misstates Keystone XL role,", "Fact Check: U.S. Imports About 10% Of Its Oil From Russia, But Did NOT Stop Domestic Oil Production,", "Gas Price Spike: How High Will Costs Soar After Invasion of Ukraine? "In total, Keystone XL is expected to employ more than 11,000 Americans in 2021, creating more than $1.6 billion in gross wages.". ", 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. Note: if reading this fact check makes you want to contact us to complain about bias, please check out our Red feed first. An oil spill in a creek in northeastern Kansas shut down a major pipeline that carries oil from Canada to the Texas Gulf Coast, briefly causing oil prices to rise Thursday. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Thanks largely to better fuel economy and higher prices, the long-term demand for gasoline in the United States is either flat or declining. In addition, it will boost U.S. energy production, thereby providing a boost to our economy. Biden's. But its not as simple as substituting one source for the other. Keystone XL was designed to transport crude oil from Alberta, Canada, to Steele City, Nebraska, where it would connect with TC Energy's existing facilities, which extend to the Gulf Coast. It requires more processing than most oil, so producing it emits more greenhouse gases. President Obama is expected to either approve or deny the pipeline by the end of this year. Opponents of the line fought its construction for years, saying it was unnecessary and would hamper the U.S. transition to cleaner fuels. President Joe Biden in January 2021 revoked the permit for an add-on to the Keystone system, but the rest of the system is still running. The Obama-era State Department had denied TC Energys request for a permit in 2015. We want to hear from you. . Copyright 2023 CBS Interactive Inc. All rights reserved. Sixteen years later, three phases of the Keystone project are complete. The petition was made to the U.S. Department of State because it would cross the U.S. border. We need your help. Find out whats happened to the oil industryand where its headed next. Canada doesnt have nearly enough oil to fill existing pipelines going to the United States. 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. Legal challenges continued against it, further stalling the project. Learn more about Mailchimp's privacy practices here. 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 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. While many were under the impression that the Keystone XL pipeline was nearly built and ready to operate, it would have served as the fourth phase of the entire Keystone Pipeline System. TransCanada is a Canadian company that builds and operates energy infrastructure across the North American continent. The pipeline was expected to stretch from Alberta to Nebraska, allowing 830,000 barrels of oil sands crude to be carried into the U.S. a day, reports Reuters. This portion would transport oil over 435 miles through 36 pipe running from Cushing, Oklahoma to Port Arthur, Texas. The Ogallala aquifer is also in this region and the pipeline would have posed a potential threat to the drinking water. That number is an estimate, and the claim lacks context about the longevity of Keystone jobs. Because no refineries between Alabama and the mid-Atlantic produce substantial quantities of transportation fuels, the southeastern United States is supplied primarily by pipeline flows, and to a lesser degree, with marine shipments from the U.S. Gulf Coast and imports. Thanks for signing up. The Keystone pipeline does not carry gasoline. This dental device was sold to fix patients' jaws. On November 19, 2014, the U.S. Senate voted against the passage of the bill which would allow the Keystone XL Pipeline to proceed. The vote was one shy of passage at 59-41. Critics hate it because they fear it will accelerate "dirty" oil production from Canada's oil sands region in Alberta. The Keystone XL pipeline is an international project years in the making. The pipeline was expected to stretch from Alberta to Nebraska, allowing 830,000. In 2008, TC Energy, then known as TransCanada, announced plans to build a pipeline that would carry 830,000 barrels of crude oil daily from Hardisty, Alberta, through the Great Plains to refineries on the Texas Gulf Coast. By 2011, Keystone XL had upended that quiet bureaucratic process. In short, the U.S. needs to approve this pipeline to accommodate the increase in production. A storage yard in Montana contains pipe that was to be used in the construction of the Keystone XL oil pipeline. The Keystone XL pipeline's developer has halted all construction on the project months after its permit was revoked by the Biden administration. Supporters of Keystone say the project will benefit Americans because it will reduce the country's reliance on foreign oil. Opponents suggest it will harm the environment. All times are ET. 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. The project must also be in the national interest of the United States. The Keystone Pipeline: A Never-ending Saga. (n.d.) LaTurners office cited reports showing the two figures. "It wouldn't be online and wouldn't be pumping oil until the year 2023. There would have been no certainty that the pipeline could have produced a net increase of 800,000 barrels a day, rather than just transporting oil from Canada that is currently being transported some other way. Canada is our largest trading partner and is important to U.S. job creation. 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. So "here's the deal": The Keystone XL pipeline was going to be built to offset declining imports from Venezuela, because Canadian oil is the same type as what they produce in Venezuela. After multiple delays, President Barack Obama rejected the permit to build Keystone XL in November 2015. The entire system without the XL extension stretches about 2,687 miles in total length. Three lawmakers from Pennsylvania, including Pittman, are hoping Biden will allow TC Energy to continue with Keystone XL pipeline construction so that the U.S. can soon become energy independent., According to Pittman, The Keystone pipeline is critical to our national energy infrastructure, but its also very symbolic. 2023 CNBC LLC. Disclaimer. The Keystone XL pipeline would then connect to existing pipelines and transport oil to refineries along the Gulf Coast. BNSF remains a money machine at . "But there is a recognition that those types of actions may have some impact on the prices that Americans are paying at the pump.". Second, the bitumen can be blended with lighter hydrocarbons to create a heavy crude. The Cushing Extension is 298 miles of 36 pipe which runs from Steele City, Nebraska to crude oil terminals and tank farms in Cushing, Oklahoma. The Keystone XL pipeline is a 1,200 mile pipeline that will safely deliver crude oil from Canada and North Dakota to the United States. Well get to that in a moment. Examples of posts making this claim can be found here , here and here . 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. Former U.S. President Donald Trump had approved a permit for the line in 2017, but it continued to face legal challenges that hampered construction. No, that's not true. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. Dec. 11, 2022, 8:21 PM PST. Yet many experts agree that moving ahead with the pipeline wouldn't have prevented U.S. gas prices from climbing to a record high. "That trend will continue whether Keystone is built or not," said Brian Milne, a refined fuels editor at Schneider Electric, an information provider. The company behind the controversial Keystone XL oil pipeline said Wednesday it's officially terminating the project. 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. Some ask why should it proceed? Li Cohen is a social media producer and trending content writer for CBS News. But this post could leave the wrong impression without full context. "And it's not necessarily that they're saying, 'Oh there's not enough oil.' The State Department forecasted that no more than 50 jobs, some of which could be located in Canada, would be required to maintain the pipeline. Environmental activists and indigenous communities hailed the cancellation, and traders and analysts said U.S.-Canada pipelines will have more than enough capacity to handle increasing volumes of crude out of Canada, the primary foreign supplier of oil to the United States (here). A Facebook post says that Bidens executive order revoking the Keystone XL pipeline "is destroying 11,000 jobs.". ", U.S. Rep. Ilhan Omar is "facing 40 years in prison and deportation after seven new crimes uncovered. ", stated on February 8, 2023 in a blog post. As the war between Ukraine and Russia continues to unfold, lawmakers in various states think Biden must take action now so that the U.S. doesn't rely on foreign oil. Keystone XL Pipeline: The Keystone XL pipeline is a proposed extension of the Keystone pipeline system that will transport oil from Alberta, Canada to refineries in the United States. The pipeline would have required years of construction and likely faced legal challenges, so it couldnt have solved todays demand needs. Keystone XL will provide the U.S. with direct pipeline access to the secure and growing Canadian crude output and decrease our dependence on foreign oil from Mexico and Venezuela (the two largest oil exporters into the Gulf Coast). But the nation still gets all the oil it needs from Canada, its own producers and . According to TC Energy, the entire Keystone XL pipeline project would have cost around $8 billion to complete. Construction began in April 2020, but that same month,a federal courtsaid that the project had to go through a full endangered species review. Some also carry diluted bitumen, the heavy crude from the tar sands that has a much higher. Alexis crime reporting earned her spots as a contributor on the Nancy Grace show, CNN, Fox News and Entertainment Tonight, among others. At the time Mr. Biden halted its construction, the $8 billion expansion was only about8% complete, according to Reuters. This segment has been in service since June 2010. Lawsuits claim it wrecked their teeth. Kristi Noem went a step further than Crenshaw, writing in a February 24op-edfor Fox News that in halting the Keystone XL pipeline Mr. Biden was "signaling to the world that American energy independence is no longer a priority.". "And supply doesn't always quickly respond to that kind of shock in demand.". In summary, Keystone is good for the economy, good for U.S. energy independence, and good for the American consumer. The State Department estimated full-time permanent jobs to be closer to 50. Climate Change Is Making It Worse, . Since it first went into operation in 2010, TC Energy's original Keystone Pipeline System has leaked more than a dozen times; one incident in North Dakota sent a 60-foot, 21,000-gallon geyser. An estimate from the Canadian Energy Research Institute in 2011 estimated that new oil sands development in Canada would create about 444,000 new U.S. jobs and generate about $521 billion in U.S. government revenue over the next two decades. Trump revived hopes for the project once he took office, ultimately approving it with an executive order. But It's Definitely Changing, In A Landmark Case, A Dutch Court Orders Shell To Cut Its Carbon Emissions Faster, 'Energy Justice' Nominee Brings Activist Voice To Biden's Climate Plans. Senator Joe Pittman said the U.S. imports around 800,000 barrels of oil per day from Russia, reports CBS Pittsburgh News. On March 7, Fox News' Peter Doocy asked White House Press Secretary Jen Psaki whether Mr. Biden would "ever undo his executive order that stopped the construction of the Keystone XL" in an effort to lower gas prices. First, the arguments against the project. When Canadian regulators at the National Energy Board (NEB) considered the Keystone XL proposal in 2008, they asked TransCanada to justify another pipeline when there was already so much spare capacity. From there, refined petroleum products could be sold either in the U.S. or to foreign buyers. This group is responsible to issue permits for sections of the project that require placement of dredge and fill materials in waters of the U.S. including wetlands or for pipeline that crosses navigable waters. With Americans facing the worst inflation in 40 years, would expanding Keystone offer much relief at the pump? In fact, TransCanada refused to support a requirement that oil on Keystone XL be used in the United States in a recent Congressional hearing. The Drought In The Western U.S. Is Getting Bad. At the time of the press release, the Government of Alberta had invested $1.1 billion in the project, largely covering the cost of construction through the end of 2020, according to TC Energy. Even if the Biden administration were to immediately offer new oil leases to drillers, it wouldn't help with the costs Americans are bearing today. On day one, President Biden canceled the Keystone XL Pipeline. This project would have produced 830,000 barrels of oil per day, more than enough to offset what we import from Russia. This article was produced by the Reuters Fact Check team. Fourth is the U.S. "We're hopeful that the Biden administration will continue to shift this country in the right direction by opposing fossil fuel projects.". ", People not vaccinated against COVID-19 came out the best. Read more about our work to fact-check social media posts here . Expanding the Keystone would have increased global oil production by less than 1%, an amount, they explained, is "almost negligible. ", "New government-funded 'food pyramid' says Lucky Charms are healthier than steak. 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. The company reportedly secured $1.1 billion, enough to cover construction through 2020, and expected to receive $4.2 billion in 2021 and 2022. Our network of natural gas pipelines supplies more than 25 per cent of the clean-burning natural gas consumed daily across North America to heat homes, fuel industries and generate power. ICE Limitations. Keystone XL would have passed through Nebraska, and for years, a coalition of Indigenous tribes, ranchers and local environmentalists demonstrated, lobbied and sued to halt the pipeline's construction. Although the new Congress will likely pass a bill to allow the pipeline to proceed, I expect the President will veto it. 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.. Presidential permits require environmental assessments and other federal reviews, but they were generally granted without controversy over the years to Canadian pipelines. 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. 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. 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. "It's unfortunate that political obstructionism led to the termination of the Keystone XL pipeline. The pipeline would divert large volumes of Canadian oil from the Midwest to the Gulf Coast, where it would be available for the first time to buyers on the world market. It's a global market," Nemet said. Is this good for America? Once refined, it'll be impossible to tell exactly where the oil that came down the pipeline went, but "with more oil, that [export] number will increase," said Milne. 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