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Opinion
Liam Denning

Keystone XL Couldn’t Survive a Changed Climate

The pipeline project belonged to a bygone era for oil and politics.

These protests paid off.

These protests paid off.

Photographer: Justin Sullivan/Getty Images North America

In purely chronological terms, the opposite of a “Scaramucci” could arguably be called a “Keystone.” The Keystone XL pipeline expansion was first proposed almost 13 years ago. On Wednesday, newly installed President Joe Biden killed it. Again.

This one looks like the actual death knell. Certainly, the message from the market to TC Energy Corp. — the Canadian company that wanted to build Keystone XL — is to just walk away; the stock isn’t notably bothered by the pipeline’s latest demise. Such sanguinity speaks to how the world has changed since July 2008; a mere Keystone, yet so many Scaramuccis, ago.