DAVID BLACKMON: A Trump Effort To Revive Keystone XL Would Likely Be Purely Symbolic

Of all the destructive actions President Joe Biden took related to energy policy during his four years in office, his stroke-of-a-pen decision on his first day in office to cancel the cross-border permit for the Keystone XL pipeline system as a political payoff to his environmentalist campaign funders was perhaps the worst.

It was bad enough that Biden took that action to cancel the $8 billion project absent any finding that operator Trans-Canada (now TC Energy) was in violation of any law or regulation of the United States. It was even worse that he took that action despite the fact that Trans-Canada had already spent over $3 billion building much of the project with hundreds of miles of pipe already in the ground by January 2021.

Worse still are the realities that, along with cancelling the project, Biden canceled as many as 10,000 high-paying American jobs during the construction of the project, left America more dependent on oil imports from hostile nations like Venezuela and Iran due to lost imports from Canada and even cost the province of Alberta an estimated $1.3 billion it stood to gain from the project’s completion.

But the most damaging impact of all emanating from Biden’s craven act of crony politics was the loss of trust in the consistent, fair application of American law and regulations it caused. The cancellation of Keystone XL made it vastly harder for big companies to secure financing for big projects that take years to permit and develop because funders could no longer assume U.S. laws would be applied based on merit rather than political fiat. That advantage over other parts of the world that the United States has always enjoyed was severely damaged.