Posted: Feb 18, 2021 7:04 PM ET | Last Updated: February 19
U.S. President Joe Biden cancelled the Keystone XL pipeline permit on his first day in office.(Kyle Bakx/CBC)
TC Energy is considering selling steel and other spare equipment from its Keystone XL project as it continues to decide its next course of action on the failed pipeline proposal.
Almost one month after U.S. President Joe Biden pulled the permit for the project, Calgary-based TC Energy is still assessing its options and looking at how it will recoup expenses related to Keystone XL.
The company has laid off more than a thousand workers as construction was halted on the pipeline last month and it is now looking at selling its inventory of pipe and other materials.
Feb 10, 2021 12:34 PM
CALGARY Less than a month after U.S. President Joe Biden nixed the Keystone XL pipeline as part of a sweeping climate plan, another pipeline with implications for Canada is in the crosshairs of a U.S. politician.
However, as talk surrounding the potential shutdown of Enbridge Inc.’s Line 5 intensifies on both sides of the border, shippers are confident that the oil will continue to flow, even as they make contingency plans.
Enbridge Inc.’s Line 5 moves about 87 million litres of oil and natural gas liquids daily from Wisconsin to Sarnia, Ont., passing through parts of Michigan’s upper and lower peninsulas. Enbridge says it supplies 53 per cent of Ontario’s crude oil needs and more than half of Michigan’s propane for home heating.
CALGARY Less than a month after U.S. President Joe Biden nixed the Keystone XL pipeline as part of a sweeping climate plan, another pipeline with implications for Canada is in the crosshairs of a U.S. politician. However, as talk surrounding the potential shutdown of Enbridge Inc.’s Line 5 intensifies on both sides of the […]
CALGARY - Less than a month after U.S. President Joe Biden nixed the Keystone XL pipeline as part of a sweeping climate plan, another pipeline with impl.
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Chart of the Week
- The EIA expects global oil demand to be larger than supply in 2021, particularly in the first quarter, leading to sharp inventory drawdowns.
- EIA projects Brent to average $56 per barrel in the first quarter.
- However, the agency expects Brent to remain stuck between $51 and $54 on a quarterly basis through 2022.