After Keystone XL cancelation, we’re now importing more oil from Russia
As you likely recall, one order from the flurry of executive mandates that Joe Biden issued immediately upon taking office was the cancellation of construction on the Keystone XL pipeline. No big deal, right? I mean, who needed that crazy pipeline? Well, as it turns out… we did. As the country recovered from the shutdowns and commercial vehicular traffic started growing back toward pre-pandemic levels, the oil and gas industry kicked back into gear as demand increased. But under the new White House policies, supply hasn’t been able to keep up with demand and that situation inevitably leads to two predictable results. First, gas prices began steadily climbing and they are now at levels not seen in many years. The other result is that we’ve had to start importing more oil to keep up with the needs of the refineries. And one of the suppliers benefitting the most from this emerging market is none other than Russia. What could possibly go wrong? (Energy Now)
One year since President Joe Biden canceled approval for the Keystone XL pipeline from Canada, and the United States’ thirst for oil is as strong as ever and rising.
U.S. oil imports from Saudi Arabia and Russia have increased, and gasoline prices are higher than they have been in the last five years.
“[Keystone XL] was a missed opportunity to increase North American energy security, lower costs for American consumers and reduce dependence on foreign energy sources that are hostile to U.S. interests,” says Frank Macchiarola, senior vice-president with the American Petroleum Institute.