The Company Behind The Now-Defunct Keystone XL Pipeline Is Suing The Government For $15 Billion

The Company Behind The Now-Defunct Keystone XL Pipeline Is Suing The Government For $15 Billion

While White House press secretary Jen Psaki hilariously tells the media that Joe Biden’s administration is “constantly monitoring” and “watching” the price of oil (as if they can and will do anything about it), the company behind the abandoned Keystone XL pipeline is suing the U.S. government for more than $15 billion in damages. 

In a press release out last Friday, TC Energy announced it had “filed a Notice of Intent to initiate a legacy North American Free Trade Agreement (NAFTA) claim under the United States-Mexico-Canada Agreement to recover economic damages resulting from the revocation of the Keystone XL Project’s Presidential Permit.”

“TC Energy will be seeking to recover more than US$15 billion in damages that it has suffered as a result of the U.S. Government’s breach of its NAFTA obligations,” the release reads. 

TC announced last month it would be scrapping the project after Joe Biden revoked a permit necessary on his first day in office. The permit had been approved by President Trump in the first months of his presidency, The Hill reports, and had “authorized the construction of a 1,200-mile pipeline that would have carried oil from Canada to the U.S.”

“…leaving the Keystone XL pipeline permit in place would not be consistent with my Administration’s economic and climate imperatives,” President Biden had said of the project.

As a result, TC was forced to lay off 1,000 workers. 

Keystone XL President Richard Prior said at the time: “I believe this will send a concerning signal to infrastructure developers that resonates far beyond our project and will stifle innovation for a practical transition towards sustainable energy.”

And as for Psaki, here’s some advice for the administration that is apparently unaware of how supply and demand works, yet is still seeking lower oil prices:

Biden Wants Affordable, Reliable Gasoline for Americans: Psaki

Well, there are a few pipelines that could help…

— zerohedge (@zerohedge) July 6, 2021

*U.S. WANTS TO MAKE SURE PRICE OF GASOLINE STAYS LOW: PSAKI

Price controls also worked great in Venezuela

— zerohedge (@zerohedge) July 7, 2021

U.S. CONSTANTLY MONITORING GASOLINE PRICES: PSAKI

Maybe start by looking at the price of crude oil since Biden was elected in November 2020 pic.twitter.com/FS2IFo7Duk

— Quoth the Raven (@QTRResearch) July 6, 2021

 

 

 

 

Tyler Durden
Wed, 07/07/2021 – 18:25

Share DeepPol