WATCH ABOVE: Alberta Premier Jason Kenney is calling for the federal government to impose economic sanctions against the United States in response to newly U.S. President Joe Biden’s "gut punch" decision to tear up the permit for the Keystone XL oil pipeline expansion. Tom Vernon looks at how the move will affect Alberta. Western Canada’s oil producers will likely cope better with Joe Biden’s cancelling of the Keystone XL presidential permit than they did with the same move by ex-president Barack Obama in 2015, an industry analyst says. But Phil Skolnick, a New York-based analyst for Eight Capital, agreed with other observers that the end of the pipeline will stifle investment and production growth for years in the Canadian oilpatch. Shortly after being inaugurated on Wednesday, President Biden, who was Obama’s vice-president, fulfilled a campaign promise and again took away the pipeline permit that former president Donald Trump gave back to builder TC Energy Corp. in 2019. The difference between now and five years ago is that producers have two promising alternative pipelines — the Line 3 replacement and the Trans Mountain expansion, together providing nearly one million barrels a day of export capacity — to pin their hopes […]
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