January 20, 2021
As Joe Biden officially becomes America’s 46th President today, January 20, reports suggest one of his first actions in office will be to cancel the Keystone XL pipeline expansion.
With the pipeline owned by Alberta-based TC Energy, industry pundits say the potential decision poses a threat to thousands of jobs in Alberta as well as losses of “billions of dollars in corporate income taxes, carbon taxes and royalties”, according to a story by the Canadian Press.
If the permit is rescinded by the incoming Biden administration, Torys Calgary partner Stephanie Stimpson said the legal pathway that TC Energy and the Alberta government could decide to pursue would garner plenty of attention.
“The next part of the story will be the legal implications and ensuing litigation,” she told the Canadian Press.
“The ability for the U.S. president to revoke this permit, at this stage will be the subject of a lot of legal commentary as well as political debate.”
Get our latest insights on the state of the oil and gas industry in Canada in Stephanie’s article “What’s next for Canadian oil and gas in 2021”.