Some major but unsurprising decisions shook the North American energy market last Wednesday. January 20th saw the US re-join the Paris Climate Agreement, ban the development of the controversial Keystone XL (KXL) project and temporary freeze drilling permits for federal land via executive orders signed by President Biden. For Canada, KXL would have increased pipeline volume by 830,000 bpd with a guaranteed extra 500,000 bpd for the next 20 years. This would have constituted an $8 billion investment package of which at least $5.8 billion has been financed by the Albertan Government and KXL owner TC Energy to increase the export potential of Canadian crude.
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