Keystone XL Owners Seek $15B Compensation from Biden Admin for Canceling Pipeline
The owners behind the Keystone XL Pipeline are seeking $15 billion in compensation from the U.S. government after Democrat Joe Biden’s administration canceled the project.
TC Energy Inc. is demanding the Biden admin compensates the company for money already spent developing the canceled pipeline.
Following a 13-year dispute lasting three presidential administrations, Biden killed the pipeline earlier this year, citing climate change.
TC Energy filed a claim in one of the largest international trade disputes ever made against the United States, according to a Nov. 22 press release.
The dispute is being watched by corporations and in government on both sides of the U.S.–Canada border.
The Keystone Pipeline, which was still under construction upon its termination, was meant to transport 900,000 barrels a day of crude oil from Alberta to refineries on the U.S. Gulf Coast.
Originally approved during the Bush administration in 2008, it was rejected by former President Barack Obama in 2015 on environmental grounds, according to The Epoch Times.
The pipeline project was then revived by President Donald Trump before its permit was rescinded by Biden on his first day in office.
TC Energy stated that “The U.S. decision to revoke the permit was unfair and inequitable,” saying that it has a public responsibility to its “shareholders to seek recovery of the losses incurred due to the permit revocation,” but that it has no intention of ever reviving the pipeline.
“We’re not doing this for symbolic or political purposes,” said Richard Prior, the company’s senior vice-president for liquids pipelines, in an interview with Bloomberg.
“This is a business decision.
The post Keystone XL Owners Seek $15B Compensation from Biden Admin for Canceling Pipeline appeared first on LewRockwell.