Keystone XL developer seeking to recoup billions after permit cancellation
The Canadian developer of the Keystone XL pipeline is seeking billions of dollars from the Biden administration for stopping the project.
TC Energy announced this week it had filed a formal request for arbitration under the North American Free Trade Agreement, or NAFTA. The company submitted its intent to file a claim in July, about 7 months after President Joe Biden canceled a permit vital to the project on his first day in office, fulfilling a campaign promise he made during his run for president.
The pipeline developer is seeking $15 billion to recover money it says it lost due to the permit withdrawal. The pipeline would have carried crude oil from Alberta's tar sands through northeastern Montana and down to the Gulf of Mexico.
Pre-construction on Keystone XL had begun the spring before the permit was canceled. The pipeline faced opposition from environmentalists and tribal members throughout a years-long planning and permitting process that continued through both the Obama and Trump administrations.