- KeystoneXL could’ve weakened the bargaining position of OPEC and Russia this year.
- The U.S. would be less vulnerable to OPEC supply cuts and price swings if KeystoneXL would’ve been completed.
- The U.S. can’t afford to have policies that are hostile to North American energy companies. The U.S. is rapidly depleting our Strategic Petroleum Reserve (SPR) and is now begging Saudi Arabia and OPEC not to cut oil production. This is a result of the unintended — but predictable — consequences of U.S. energy policy that is often hostile to domestic energy companies. US energy policy is often undermined by well-meaning but naïve people. They fought for years against the on-again, off-again Keystone XL pipeline, which was ultimately canceled by the Biden Administration. The cancellation of the Keystone XL pipeline was naïve because of the belief that by canceling it, the oil wouldn’t be developed and it would help in the fight against climate change. Meanwhile, alternatives would come to the rescue, rendering the pipeline completely unnecessary. The reality is that Keystone XL could have delivered oil from our friendly neighbor to the north, that would have added to global oil supplies. It would have transported oil from Canada and from the Bakken Formation in the U.S. It would have moved more oil than we get from either Russia or Saudi Arabia — and nearly as much oil as we got from OPEC last year. That means it would have weakened the bargaining position of OPEC and Russia when it came to withholding oil from the market (or in Russia’s case, sanctioning them). If not for all the holdups on the pipeline extending back to the Obama Administration, the pipeline expansion would have been completed by about now. American policies that our hostile to North American energy companies hurt development here, and it has put America a very dangerous position: Draining the Strategic Petroleum Reserve in what will be a failed attempt to control prices, while begging Iran, Venezuela, Saudi Arabia and OPEC to produce more oil. NN: Insanity!! 65% of the worlds electricity is generated by fossil fuels. Reality is fossil fuel generation has INCREASED as the world embraces natural gas for electric generation. And wind and solar have failed. Because of the fact that they make no economic sense and require hugh government subsidizes. The sun does not shine sufficiently through clouds and their is no sun at night. Wind is fickle and not predictable. due to wind deficits and heavier then normal cloud cover…..