Well, that was fast. On day one, the new U.S. president, Joe Biden, is reportedly willing to gut-punch his northern neighbour by cancelling a presidential permit for the construction of Keystone XL.
It is an insult. Full stop. Mineral fuels are Canada’s largest export to the U.S. — at over US$89 billion in 2019 — two-thirds more important than auto vehicles and parts. Almost 3,000 direct jobs and another 14,000 indirect jobs will be lost in Canada with the cancellation of Keystone XL. Because of reduced pipeline capacity, Canadian heavy oil will often sell at a discount, resulting in billions of dollars in lost GDP and federal and provincial tax revenues.
I doubt Justin will come riding to Alberta’s rescue.
