As soon as he took office, Joe Biden made his stamp on the American energy scene by abruptly canceling the Keystone Pipeline project, sending shockwaves through the oil and gas industry.
In an unexpected turn of events, Biden’s choice had disastrous effects: thousands of jobs were lost and billions in potential revenue were squandered. It is a genuinely awful outcome that many had anticipated all along.
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The progressive movement, which has set its eyes on combating climate change and pursuing social justice, is influencing Joe Biden’s broad agenda.
FOX News reports:
Biden admin quietly admits canceling Keystone XL Pipeline cost thousands of jobs, billions of dollars
The Biden administration published a congressionally mandated report highlighting the positive economic benefits the Keystone XL Pipeline would have had if President Biden didn’t revoke its federal permits.
The report, which the Department of Energy (DOE) completed in late December without any public announcement, says the Keystone XL project would have created between 16,149 and 59,000 jobs and would have had a positive economic impact of between $3.4-9.6 billion, citing various studies. A previous report from the federal government published in 2014 determined 3,900 direct jobs and 21,050 total jobs would be created during construction which was expected to take two years.
But immediately after taking office in January 2021, Biden canceled the pipeline’s permits, effectively shutting the project down.
“The Biden administration finally owned up to what we have known all along — killing the Keystone XL Pipeline cost good-paying jobs, hurt Montana’s economy and was the first step in the Biden administration’s war on oil and gas production in the United States,” Sen. Steve Daines. R-Mont., said Thursday in a statement. “Unfortunately, the administration continues to pursue energy production anywhere but the United States.”
“These policies may appeal to the woke left but hurt Montana’s working families,” he continued. “I’ll keep fighting back against Biden’s anti-energy agenda and supporting Montana energy projects and jobs.”
Great work, Biden.
As a key component of our economy, energy is vital for progress and stability. Yet President Biden appears to be out-of-touch with this essential resource.
