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.
2021 saw markets continue to be impacted by the onslaught of the coronavirus pandemic -most recently in the form of the Omicron variant- in addition to the global supply chain shortage, and increased inflation. But it wasn't all bad news, as crypto soared throughout the year, and meme stocks continued to have a moment. With the year coming to a close, investors are keeping an eye out to see if they should expect more of the same in the new year. Chris Vecchio, Senior Analyst, at DailyFX tells us what market trends to be on the watch for in 2022.
Matt Hayden, vice president of govtech solutions at Exiger and a former assistant secretary of cyber at Department of Homeland Security, joined Cheddar to discuss the surprise phone call initiated by Russian President Vladimir Putin to President Joe Biden, ahead of January security talks about the rising tensions over Ukraine. "We're hoping to hear that we're able to talk about the aggression and the leadup of the Ukrainian militarization," Hayden said. "But we're also looking to hear is how the Kremlin leveraged their talking points to try to test their negotiation stance with the United States leading into this January 10th meeting."
The No Surprises Act begins implementation on January 1, 2022. The legislation is meant to curb the practice of unexpected billing for care from providers the patient was unaware were out-of-network from their insurance. Patricia Kelmar, director of health care campaigns for U.S. PIRG joined Cheddar to describe the hundreds, sometimes thousands, of dollars charged to unsuspecting patients and how things will change under the new law. "If we are picking an in-network doctor and an in-network hospital, we should not see those added costs from anesthesiologists, radiologists, scrub-in surgeons," she said. "The other area it protects you is in air ambulances — not ground ambulances, unfortunately — but the helicopters or the airplanes you might need to transport you in an emergency situation."
President Joe Biden and Russian President Vladmir Putin are expected to have another conversation surrounding escalating tensions between Russia and Ukraine. Ariel Cohen, senior fellow at the Atlantic Council, joined Cheddar's Ken Buffa to discuss the ongoing tensions and why Putin's request for a conversation with Biden comes now. "This is very serious. This is the worst security crisis we had since the collapse of the Soviet Union," Cohen told Cheddar.
Stocks closed mixed on Wednesday, but two indexes - the Dow and the S&P 500 - ended the session with a new record. Akshata Bailkeri, Equity Analyst at Bruderman Asset Management, joins Cheddar News' Closing Bell, where she says there is a consensus for robust consumer spreading in 2022, especially as the Omicron variant is proving to be milder than other COVID-19 strains.