Keystone XL Decision a ‘Body Blow’ to Canada‘s Oil Sector, Says Energy Expert

Opponents of the Keystone XL pipeline demonstrate on a pedestrian bridge during rush hour in Omaha, Nebraska, on Nov. 1, 2017. The pipeline was cancelled by U.S. President Joe Biden immediately after entering office in January 2021. The Canadian Press/AP, Nati Harnik

With a federal judge in Montana delivering another legal blow to TransCanada’s Keystone XL pipeline last week, industry experts warn the dearth of infrastructure to transport Alberta oil to world markets could be costing Canada over $80 million per day.

The decision means further delays moving the glut of oil out of Western Canada and into international markets, which is driving down prices to multi-year lows while discouraging investment and costing thousands of jobs, said former TransCanada Corp. executive Dennis McConaghy, who has 30 years of experience in the Canadian energy industry.