Biden Blocking Keystone Threatens to End Mega Pipelines Era – National Security Issue

“No one is going to announce a new pipeline while Joe Biden is the president,” said Katie Bays, managing director at FiscalNote Markets, which tracks policy issues for investors.

Pipeline - Energy News Beat

Joe Biden’s move to block the $9 billion Keystone XL project is the clearest sign yet that constructing a major new pipeline in the U.S. has become an impossible task.

The incoming president has pledged to reshape the U.S. energy sector and accelerate the transition from fossil fuels, and the cancellation of the proposed link to Canada’s oil sands will be one of his first big environmental actions.

Even before Biden’s inauguration Wednesday, the oil and gas industry was on its back foot when it came to building major new infrastructure. Despite Donald Trump’s pro-fossil-fuel policies, energy companies such as Williams Cos. and Dominion Energy Inc. have been forced to scrap new projects in the face of stiff opposition.

“I can’t imagine going to my board and saying, ‘we want to build a new greenfield pipeline’,” Williams Chief Executive Officer Alan Armstrong said in an interview. “I do not think there will be any funding of any big cross-country greenfield pipelines, and I say that because of the amount of money that’s been wasted.”

The industry’s retreat is a victory for the environmental movement. Groups that once campaigned under the slogan Keep It In The Ground have increasingly turned their attention to the pipes. Building them in much of the U.S. is a far trickier business than drilling oil and gas wells. That’s due to the numerous federal and state permits that, for the most part, can be more easily litigated. The Trump administration sought to streamline federal permitting, but many projects were dealt a mortal blow in the courts.

About Stu Turley 3232 Articles
Stuart Turley is President and CEO of Sandstone Group, a top energy data, and finance consultancy working with companies all throughout the energy value chain. Sandstone helps both small and large-cap energy companies to develop customized applications and manage data workflows/integration throughout the entire business. With experience implementing enterprise networks, supercomputers, and cellular tower solutions, Sandstone has become a trusted source and advisor.   He is also the Executive Publisher of www.energynewsbeat.com, the best source for 24/7 energy news coverage, and is the Co-Host of the energy news video and Podcast Energy News Beat. Energy should be used to elevate humanity out of poverty. Let's use all forms of energy with the least impact on the environment while being sustainable without printing money. Stu is also a co-host on the 3 Podcasters Walk into A Bar podcast with David Blackmon, and Rey Trevino. Stuart is guided by over 30 years of business management experience, having successfully built and help sell multiple small and medium businesses while consulting for numerous Fortune 500 companies. He holds a B.A in Business Administration from Oklahoma State and an MBA from Oklahoma City University.