Keystone XL Oil Project Abandoned by Developer
By Timothy Puko and Vipal Monga
Updated June 9, 2021 6:10 pm ET
Canada’s TC Energy Corp. and the Albertan provincial government said Wednesday they would scuttle the Keystone XL oil pipeline project, bringing to an end a yearslong controversy over an effort to pipe more Canadian crude to the U.S.
The decision had been expected after President Biden used his first day in office to revoke a key permit for the pipeline to cross the country’s northern border, shutting down construction.
It is a victory for environmentalists who have campaigned to block new pipeline construction as a way to limit oil consumption that contributes to global warming.
Groups like 350.org, which has fought the Keystone XL project, are also pressuring Wall Street to curb fossil-fuel extraction and were a force behind activist investors winning board seats at Exxon Mobil Corp. earlier this month.