Environment and Energy
January 24, 2021
Biden Kills Keystone XL; What Does that Mean for Steel?
Written by Tim Triplett
Cancellation of the Keystone XL pipeline project by the Biden administration will have some impact on the steel market in North America, specifically supply and demand for line pipe, but the effect is difficult to assess, say the experts.
On his first day in office Wednesday, President Biden followed through on his green-energy campaign promise and revoked the permit for the controversial pipeline, angering officials in Canada. The project, which was designed to transport oil extracted from Canadian tar sands to refineries on the U.S. Gulf Coast, has been in the works, on and off, for more than a decade. The Obama administration refused to grant a permit for construction of the pipeline in 2015, citing the fossil fuel’s contribution to global warming and concerns among Native Americans and other citizens of the potential for oils spills to harm the environment and pollute drinking water. In 2017, the Trump administration revived the $8 billion project, pointing to the jobs it would create.
