JUNE 9, 2021 — THE XL PIPELINE IS OFFICIALLY CANCELED
TC Energy Corporation confirmed today that after a comprehensive review of its options, and in consultation with its partner, the Government of Alberta, it has terminated the Keystone XL Pipeline Project.
Construction activities to advance the Project was suspended following the revocation of its Presidential Permit on January 20, 2021. The Company will continue to coordinate with regulators, stakeholders, and Indigenous groups to meet its environmental and regulatory commitments and ensure a safe termination of and exit from the Project.
Following is a statement from TC Energy’s President and Chief Executive Officer, François Poirier:
We value the strong relationships we’ve built through the development of this Project and the experience we’ve gained. We remain grateful to the many organizations that supported the Project and would have shared in its benefits, including our partners, the Government of Alberta and Natural Law Energy, our customers, pipeline building trade unions, local communities, Indigenous groups, elected officials, landowners, the Government of Canada, contractors and suppliers, industry associations and our employees.Through the process, we developed meaningful Indigenous equity opportunities and a first-of-its-kind, industry-leading plan to operate the pipeline with net-zero emissions throughout its lifecycle. We will continue to identify opportunities to apply this level of ingenuity across our business going forward, including our current evaluation of the potential to power existing U.S. assets with renewable energy.
TC Energy’s infrastructure plays a critical role in powering the North American economy, delivering the energy people need every day, safely and responsibly. The Company continues to progress $20 billion of secured growth projects, $7 billion of projects under development, and numerous additional initiatives aligned with its risk preferences and return criteria across its business lines and geographies.
Looking forward, there is a tremendous opportunity for TC Energy in the energy transition with its irreplaceable asset footprint, financial strength, and organizational capabilities positioning it to capture further significant and compelling growth. The Company will continue to build on its 70-year history of success and leverage its diverse businesses in natural gas and liquids transportation along with storage and power generation to continue to meet the growing and evolving demand for energy across the continent.
JANUARY 21, 2021 — A WORST-CASE EXAMPLE
One example of political risks and their impact on the overall economy, an industry sector, feeder services, and individuals is the revocation of a construction permit for the Keystone XL Pipeline based on nothing but political concerns of a single large constituency, the progressive socialist democrat environmentalists.
On January 21, 2021, the first day in office for the newly elected President of the United States, the President signed an executive order revoking the construction permit for the 1,179-mile Keystone XL Pipeline which was designed to transport oil from the oil sands of Alberta, Canada, to Steele City, Nebraska.
It is estimated that single action may have killed 11,000 direct jobs and an estimated 60,000 indirect jobs in secondary, related industries.
According to a company spokesperson, "TC Energy Corporation will eliminate more than 1,000 construction jobs in coming weeks and halt work on the Keystone XL oil pipeline after U.S. President Joe Biden revoked the project’s presidential permit."
In a secondary provision, the President suspended oil and gas permits on federal land. It is not known how many positions this will affect.
For those wishing to read the Executive order, it can be found here on the White House site.
JANUARY 20, 2021 — BEWARE OF POLITICAL RISK
Today, January 20, 2021, we will experience a peaceful turnover of our government to another President and his administration.
While many of the rules and regulations implemented by the previous administration’s executive orders may be nullified or modified, Americans will be facing the political risks of a lifetime. Not only the risks of the continuing global pandemic which has wreaked havoc on our economy and small businesses but the risks of a radically different system of governance. A system that may see protected classes in finance, employment, housing, and healthcare elevated to preferential classes, along with a new set of social rules and cultural norms. Where local and state leaders become tyrannical using the authority they do not possess.
It is unknown what these changes will have on our Constitution, our nation, our economy, our culture, and individual citizens.
We can only suggest that you ask yourself, “Am I Next?” every day as you navigate the churning waters close to the waterfall. Consider developing multiple independent sources of income based on your skills. No longer rely on corporate loyalty or the goodwill of your government. Keep your skills sharp, update your resume, and keep looking to better your position. Lighten the load of “stuff” you may have accumulated through the years. Reduce your standard of living. Attempt to improve your mobility if you are able. And maintain an emergency fund.
You can no longer rely on the goodwill of the government, organizations, or even individuals. You must protect yourself and your family.
Best of luck.
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?