From The Washington Free Beacon:

“Biden promising to revoke Keystone’s approval is a pander,” Josiah Neeley, a senior fellow in energy policy at the R Street Institute, told the Washington Free Beacon, “but unless oil prices recover it’s a meaningless pander, as the tar sands won’t be profitable anyway.”

Neeley estimated that production of a barrel of oil from the Alberta, Canada tar sands where the Keystone XL originates costs roughly $60 a barrel. With the global demand collapse due to the coronavirus pandemic, however, crude oil is currently trading around $30 to $35 a barrel, meaning there’s little economic incentive to actually dredge crude out of the ground to send down the pipeline.

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