Letter from Canada: Keystone XL’s demise a fiasco and opportunity

The Canadian oilsands industry should now be clear where it stands and plan accordingly

Incoming US president Joe Biden pulling the presidential permit for Canadian midstreamer TC Energy’s controversial Keystone XL (KXL) project had been widely anticipated. Alberta Premier Jason Kenney was perhaps the unhappy exception, and the Canadian upstream sector should avoid repeating or compounding his mistakes. Upon learning  Biden would likely announce a decision to scrap KXL as early as his inauguration day, Kenney came out guns blazing. He demanded the US “show respect for Canada”, as well as threatening a lawsuit in conjunction with TC Energy. When Biden did then formally revoke the presidential permit for KXL, Kenney referred to it as a “gut punch” to Canada-US trade relations. An