Keystone XL pipeline owner seeks $15B in damages after Biden decision to block permit
The pipeline would have carried 800,000 barrels of oil a day from Canada to the U.S.
Keystone XL Pipeline officially canceled after Biden blocks key permit
The Biden administration has put an official end to the Keystone XL Pipeline after blocking permit. Fox News Correspondent Casey Stegall with more.
The Canadian firm that owned the Keystone XL pipeline announced it will be bringing a claim against the U.S. government seeking $15 billion in damages due to President Biden's revocation of a permit for the project.
TC Energy filed a notice of intent with the State Department's office of the legal adviser indicating that it will bring a legacy NAFTA claim under the U.S.-Mexico-Canada Agreement.
GOP BILL WOULD REQUIRE BIDEN ADMIN TO REPORT NUMBER OF JOBS KILLED BY KEYSTONE PIPELINE CANCELLATION
"TC Energy will be seeking to recover more than US$15 billion in damages that it has suffered as a result of the U.S. Government’s breach of its NAFTA obligations," the company said in a press release.
FOX Business reached out to the White House for a response to the news but did not immediately receive a response.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TRP | TC ENERGY CORP. | 48.59 | -0.30 | -0.62% |
Biden announced on his first day in office in January that he was revoking the presidential permit, resulting in thousands of lost jobs.
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TC Energy officially rescinded its bid for the project in early June. That announcement came just hours after Republican senators demanded the Biden administration account for the number of jobs killed by the president’s decision to cancel the 1,200 mile-long pipeline.
The pipeline, which would have carried 800,000 barrels of oil a day from the tar sands of Canada into the U.S. The pipeline’s construction was first delayed in 2015 under Barack Obama before being revived under Donald Trump in 2017.
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FOX Business' Caitlin McFall and Evie Fordham contributed to this report.