Canceling Keystone Pipeline Could Cost U.S. $15 Billion

The Keystone Pipeline System was supposed to create 11,000 American jobs in 2021, but President Joe Biden revoked the permit for the project. Now the company in charge is suing the U.S. government for $15 billion.

The massive pipeline project’s first three phases run from Alberta, Canada to refineries in Illinois and Texas, and to oil tank farms and an oil pipeline distribution center in Cushing, Oklahoma.

The proposed phase IV would have connected the existing pipeline terminals in Hardisty, Alberta, and Steele City, Nebraska, by a shorter route and a larger-diameter pipe.

But on the day of his inauguration, Biden signed an executive order to revoke the permit granted by President Donald Trump to TC Energy Corporation.

TC Energy estimated the 11,000 jobs would have totaled more than $1.6 billion in pay, and supporters touted the pipeline as a big step in American energy independence.

“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 company said in its July 2 press release.

In his executive order, Biden said in revoking the permit that “approving the proposed Keystone XL pipeline would not serve the U.S. national interest” and would “undermine U.S. climate leadership by undercutting the credibility and influence of the United States in urging other countries to take ambitious climate action.”

Beyond costing Americans jobs and energy independence, this move may also cost taxpayers $15 billion.

The #WasteOfTheDay is presented by the forensic auditors at OpenTheBooks.com.