Energy company TC Energy has said it’s seeking $15 billion in damages from the United States government. That is the money they say Joe Biden canceling their pipeline cost the company when Biden canceled the Keystone Pipeline. Under the NAFTA Agreement, any losses they suffer are to be paid by the one who cancels a contract. True, NAFTA has ended but this contract predates the new agreement and is covered by the former one.
In a statement on July 2, the Canada-based company announced that it had filed for compensation for its losses. The fact that they will collect is not in doubt as the circumstances and remedies were well defined in the NAFTA agreement.
This is not the first contract that Biden has had to pay off with the money you pay into taxes.
Companies that were working on the border wall have to pay off as well since Biden canceled their contracts.
Biden signed an executive order on his first day in office that halted the Keystone Pipeline project. He is currently being sued by several states who claim he cannot legally cancel the contracts on his own. But, if they can’t, Biden’s action will have cost us $15 billion and 55,000 jobs.
Of course, that is small potatoes considering what he will cost the economy if Republicans don’t take both houses of Congress in 2022.
The Keystone Pipeline would have carried hundreds of billions of barrels of oil a day to the United States. Now, Canada has to seriously consider building a pipeline to their Pacific Coast and ship the oil to China. I wonder if that was the real reason for the cancelation.
It seems that everything Biden has done so far has benefited China, Russia, illegal aliens, and Iran. He should try something novel and do something to benefit Americans.
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While asserting that the Keystone project “would not serve the U.S. national interest,” Biden said that his Jan. 20 order is designed to “promote and protect our public health and the environment, and conserve our national treasures and monuments, places that secure our national memory.”
The pipeline was slated to carry 830,000 barrels of oil per day from the Alberta oil sands to Nebraska. It had been delayed for over a decade amid opposition from many environmentalists, Native Americans, and some landowners.
The oil will now have to continue to be shipped by the railroads owned by Biden donor, Warren Buffett. How convenient.