Keystone XL Revived in More Costly, Less Certain Environment
- Author: Ronnie Bowen Jan 28, 2017,
Jan 28, 2017, 0:39
Calgary-based energy firm TransCanada Corp. has submitted a new presidential permit application to the USA for the Keystone XL pipeline following an executive order from President Donald Trump meant to help expedite the project.
Girling said the project, which would carry some 830,000 barrels of oil a day, will help meet America's growing energy needs and create substantial jobs and economic benefits on both sides of the border.
The application by TransCanada comes after U.S. President Donald Trump signed an order earlier this week to expedite the project.
"Independent forecasts by the U.S. Department of State estimate that [Keystone XL] will support tens of thousands of direct and indirect jobs and associated income during construction and contribute approximately $3.4 Billion to U.S. GDP", the company said in the statement.
The Keystone XL is an important project for Canada's oil sands companies because it would transport their crude from rural Alberta to Steele City, Neb.
TransCanada said the project would contribute $3.4 billion to the US economy.
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Keystone XL was to have an on-ramp in Baker, Montana for up to 100,000 barrels of crude, but was mainly meant to carry crude product from Canada's tar sands.
"I can tell you this wasn't in our planning horizon in the middle of past year so we've only just re-engaged with our shippers again".
But earlier this week, Mr. Trump issued a memorandum inviting TransCanada to promptly re-submit its application for the Keystone XL project to the Department of State.
Canadian industry analysts viewed the revived application as the opening move on unpredictable negotiations with the new Trump administration.
Asked about possible Buy American requirements, TransCanada spokesman Terry Cunha said they know the U.S. Secretary of Commerce will come up with a plan to implement Trump's executive order.
Former President Barack Obama rejected Keystone XL in 2015, saying it would undercut efforts to cinch a global climate change deal in his environmental agenda.