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How Buffett will capitalize on Biden’s win

For ten years, TransCanada executives have been saying the Keystone XL pipeline will be built because it makes too much economic sense for America. But as @ Greekfire23 points out this morning, “This is not how we work here” because, according to Reuters, “Joe Biden is planning to revoke permission for the $ 9 billion Keystone XL pipeline project as one of his first in-office activities. And, perhaps, on the very first day. “
The words “revoke the permit to build the Keystone XL pipeline” appear on a list of executive actions likely scheduled for the first day of Biden’s presidency, according to an earlier report by Canadian Broadcasting Corp. Biden, who was vice president in the Obama administration when she dismissed the project as conflicting with his efforts to combat climate change, previously promised to give up the president’s permission to build the pipeline if he becomes president. In 2015, Barack Obama scrapped the project, claiming that Canada would receive most of the economic benefits while the project would increase its greenhouse gas emissions.

A project to transport oil from Alberta to Nebraska has slowed due to legal problems in the United States. He also faced opposition from environmentalists seeking to stem the expansion of Canada’s oil sands by opposing the construction of new pipelines to transport oil to refineries. The Canadian Ambassador to the United States has said she will continue to push forward with a project she believes is in line with the environmental plans of both countries. “There is no better partner for the US to tackle climate change than Canada as we work together to move towards green energy,” Ambassador Kirsten Hillman said in a statement.

Others were less diplomatic: Alberta Prime Minister Jason Kenney tweeted that the cancellation would result in job losses, weakening U.S.-Canada relations, and undermining U.S. national security by making the United States more dependent on OPEC oil imports. TC Energy Corp., which operates the pipeline, said it would reach zero emissions by 2023 when it goes online. The company has also pledged to use only renewables by 2030 to garner Biden’s backing. None of this mattered, however, and TC Energy shares fell 5.9% at the open, the highest since April 1. Peer Enbridge fell roughly 2.2%, although analysts believe the cancellation of Keystone will be positive for ENB.How Buffett will capitalize on Biden's winThe cancellation of the permit will occur while construction in Canada is in full swing and the international border crossing is nearing completion. In the United States, TC began building pumping stations in each of the states through which the line will run, but legal setbacks cost it most of the 2020 construction season. Biden’s executive order came almost exactly four years after outgoing President Trump did the opposite when he signed an executive order that promoted the Keystone XL and Daokta pipelines, putting a stick in the wheel of Warren Buffett’s quasi-monopoly of oil transportation by trains, so to speak. But now that a Democrat has returned to the White House, it is time to use all this lavish spending of the Buffett and Berkshire lobbies for political purposes, and, as the cynics hastened to note, “Warren Buffett will be paid immediately, trains will now carry oil. And it’s not about the environment. But you can believe what you want. “

translation from here

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