US President Joe Biden's refusal to build the Keystone XL pipeline will have negative consequences for US oil refiners. This is written by Forbes.
Earlier it became known about the closure of the project. It was supposed to pass through the United States and Canada. The completion of the work was announced by the developer company TC Energy.
According to the author of the material, after this, the refineries of US companies will have to rely exclusively on the import of heavy oil from Venezuela, Russia, and Saudi Arabia.
The article also notes that Biden's decision increased domestic energy prices and increased disagreements between the United States and Canada since the completion of the highway will lead to financial difficulties for taxpayers of the largest oil-producing Canadian province of Alberta.
Within the framework of the Keystone XL project, it was supposed to build an oil pipeline with a length of 1.9 thousand kilometers and a capacity of more than 800 thousand barrels per day. It was supposed to extend from Alberta, Canada, to oil refineries on the Gulf Coast.
Former US President Barack Obama refused to build the pipeline in 2015. He explained this by saying that the project contradicts the national interests of the country. Later, Donald Trump issued a decree on the resumption of the project. In January 2021, Joe Biden blocked the project again.
Earlier it became known that Finland decided to reduce purchases of Russian oil.