This March 11, 2020 photo provided by the Bureau of Land Management shows the proposed route of the Keystone XL oil pipeline where it crosses into the U.S. from Canada in Phillips County, Montana. (Al Nash/Bureau of Land Management via AP)
By Rob Gillies
The Canadian company behind the Keystone XL oil pipeline said Wednesday it has suspended work on the pipeline in anticipation of incoming U.S. President Joe Biden revoking its permit.
Biden’s Day One plans included moving to revoke a presidential permit for the pipeline.
The 1,700-mile (2,735-kilometer) pipeline would carry roughly 800,000 barrels of oil a day from Alberta to the Texas Gulf Coast, passing through Montana, South Dakota, Nebraska, Kansas, and Oklahoma.
“As a result of the expected revocation of the Presidential Permit, advancement of the project will be suspended,” the Calgary, Alberta-based company said in a statement.
First proposed in 2008, the pipeline has become emblematic of the tensions between economic development and curbing the fossil fuel emissions that are causing climate change. The Obama administration rejected it, but President Donald Trump revived it and has been a strong supporter. Construction already started.
Kirsten Hillman, Canada’s ambassador to the United States, said Canada needs to move on now that Biden has made a decision.
“Of course we’re disappointed. We worked hard over the past number of months trying to make the case for Keystone XL," Hillman told the Canadian Broadcasting Corporation.
“He had made a commitment during his campaign and he lived up to that commitment. I think we have to accept that and move forward.”
Prime Minister Justin Trudeau raised Keystone XL as a top priority when he spoke with Biden in a phone call in November. The project is meant to expand critical oil exports for Canada, which has the third-largest oil reserves in the world.
Jason Kenney, premier of the oil-rich province of Alberta, said late Tuesday he urged Trudeau to tell Biden that “rescinding the Keystone XL border crossing permit would damage the Canada-US bilateral relationship.”
Trudeau and Biden are politically aligned and there are expectations for a return to normal relations after four years of Trump, but the pipeline is an early irritant as Biden has long said he would cancel it.
Trudeau has tried to balance the oil industry’s desire for more pipelines with environmentalists’ concerns. He canceled one major pipeline to the Pacific coast from oil-rich Alberta, but approved another and instituted a national carbon tax.
Following the invasion of Ukraine, a multitude of Western companies have paused doing business with Russia. PepsiCo, Coca-Cola, McDonald's, and Starbucks are the most recent companies to temporarily cease operations in Russia. Dean of Miami Herbert Business School at the University of Miami, John Quelch, joined Cheddar News to discuss what message this sends to Russia and the Russian consumer. “I would not underestimate the collective strength of all of these multinational companies, essentially coming together to make their collective statement in support of the political statements that have come out of Washington," he said.
The war in Ukraine continues to reveal heartbreaking gut-wrenching stories. The war in itself is not only devastating but also expensive. Experts estimate that Russia is draining nearly $20 million dollars each day to continue occupying and invading Ukraine. All this could force the country to turn to cryptocurrencies. It's a major turn for the country that briefly considered outlined digital assets entirely, but it could also have serious implications for cryptos. Managing Director at Quantum Fintech Group, Harry Yeh, joined Cheddar to discuss more.
President Biden announced a ban on Russian oil and natural gas imports to the U.S. in response to its invasion of Ukraine, a move he warned could lead to an even greater surge in gas prices. The ban is prompting a conversation about the current oil production levels in the U.S. and whether or not the industry can ramp up production to soften the blow to American families at the gas pump. Clark Williams-Derry, Energy Finance Analyst with the Institute for Energy Economics and Financial Analysis, breaks down the state of the U.S. oil industry and how the ban might impact production levels here at home.
PepsiCo, Coca-Cola, McDonald’s, and Starbucks are the latest American food brands to have halted business operations in Russia after having faced scrutiny and criticism for originally failing to do so amid the country's invasion of Ukraine.
As Russia intensifies its war on Ukraine, President Biden announced a ban on oil imported from the aggressor nation. Critics of Russia have said this would be the best way to force Putin to pull back, but curbs on Russian oil exports are expected to send already skyrocketing oil and gas prices even higher, further impacting consumers, businesses, financial markets, and the global economy. Leslie Beyer, CEO of the Energy Workforce and Technology Council, joined Cheddar News' Closing Bell to discuss. "It's certainly going to increase pricing, but it is the right thing to do," she said. "The industry itself has already pulled out of the significant portion of its operations in Russia."
Sports Betting in the U.S. is booming. According to industry experts, we could see another boom this year as more states move towards statewide legalization of sports wagering. While this comes as huge news for fans, there are some very real concerns as to whether or not sports betting potentially poses a threat to public health. Senior Clinician at the Caron Treatment Centers, Eric Webber, joined Cheddar to discuss more.
The Biden administration has made gender policy a core part of how it governs. The president established the first Gender Policy Council. It's on the same level as the National Security Council, Domestic Policy Council and National Economic Council, putting the interests of women and other underserved groups at the table for the most important policy discussions.
Cheddar News sat down with Jennifer Klein, executive director and co-chair of the White House Gender Policy Council, to discuss the council's work and its significance during Women's History Month.
State Representative Jessica González, Vice Chair of the Texas House LGBTQ Caucus, joins Cheddar News to discuss the latest Texas anti-transgender directive.
The United States Secretary of Agriculture, Tom Vilsack joins None of the Above to discuss the newly emerging conflict in Europe, what it means for agriculture in the states, dairy and meat consumption, and how the department is planning to promote climate-smart agriculture.
