Jump to navigation
U.S. set to recommend approval of Keystone XL pipeline on Friday
Project still needs to win approval in Nebraska
Trump sure likes to flaunt.
Trump grants permit for ‘incredible’ Keystone XL pipeline
Keystone Pipeline Gets Trump Approval as New Roadblocks Loom
Donald Trump approves Keystone XL but investors remain skeptical pipeline will be built
U.S. President Donald Trump has given TransCanada Corp. their long awaited presidential permit for the Keystone XL pipeline, but analysts still aren’t counting on it getting built.
The company faces a long list of permits and approvals before it can start construction, especially in Nebraska where TransCanada doesn’t expect a state commission to rule on the project until the end of the year.
“There’s still a number of hurdles,” said Justin Bouchard at Desjardins Capital Markets.
“And I think there’s still a contingent of special interest groups which are going to weigh in on the whole project, so it’s certainly not a foregone conclusion that this thing will be built.”
As the growth rate of the oilsands slows, Keystone XL also faces increased competition from other proposed pipelines including Kinder Morgan’s Trans Mountain expansion, the Enbridge Line 3 replacement, as well as TransCanada’s own Energy East pipeline, said Bouchard.
“Four or five years ago we needed all of those projects. Today it doesn’t seem like we do, just given there’s been massive curtailment in spending,” he said.
Enbridge chief executive Al Monaco said much the same in the company’s last earnings call, expecting only two pipelines would be needed to cover supply until at least mid-way through the next decade.
'A perilous pipeline': Indigenous groups line up against Keystone XL
Indigenous groups on both sides of the Canada-U.S. border are speaking up about the Keystone XL pipeline, which has recently been given a green light by the Trump administration.
Fears for environment
The Assembly of First Nations recently wrapped up its second National Energy Forum in Ottawa, where the theme was "inclusive prosperity in our energy future" and where much of the discussion was about getting a seat at the development table.
But in northern Alberta, the source of much of the oil the pipeline could carry, there's fear for what Keystone XL's approval means for the environment.
"It says to me they're going to pollute the rivers," said Francois Paulette, a Dene elder and environmental activist from Smith's Landing First Nation. "Have a bigger impact on the air, the rivers we live along down the Mackenzie River."
"That's where the biggest impact will be felt by the Indigenous people."
Has there been a massive oil spill today?