The energy firm that owns the Keystone XL pipeline has announced it will be seeking $15billion in damages from the Biden administration for blocking the permit and costing thousands of jobs.
TC Energy has filed a notice of intent with the State Department that it will bring a claim saying the federal government breached NAFTA obligations by shutting the project down.
President Biden announced on the first day in office that he was revoking the permit on the construction of the 1,200-mile pipeline as he sought to do away with initiatives from the Trump administration.
The energy firm that owns the Keystone XL pipeline has announced it will be seeking $15billion in damages from the Biden administration for blocking the permit and costing thousands of jobs. The pipeline would have carried roughly 800,000 barrels of oil a day from the tar sands of Canada to the US
When Biden pulled the plug, TC Energy said the decision would force it to immediately lay off 1,000 workers.
'I believe this will send a concerning signal to infrastructure developers that resonates far beyond our project and will stifle innovation for a practical transition towards sustainable energy,' Keystone XL President Richard Prior said at the time.
The pipeline would have carried roughly 800,000 barrels of oil a day from the tar sands of Canada to Nebraska and then through an existing pipeline to coastal Texas.
The company announced they had filed claim after talks with the oil cartel OPEC were called off, raising fears oil production will not be able to keep up with demand throughout the summer.
American motorists now face paying even more at the pumps following a July 4 weekend which saw a seven-year-high in gas prices across the country.
The average price of a gallon of gas stands at $3.13, up 95 cents, or 44 per cent, from 2020.
'TC Energy will be seeking to recover more than $15 billion in damages that it has suffered as a result of the U.S. Government’s breach of its NAFTA
