What Will The Death Of Keystone XL Mean For Canada?

President Biden’s decision to ax the controversial Keystone XL pipeline, which had been approved by his predecessor, is a tremendous blow for Canada’s energy sector and particularly its oil sands industry. For years, the U.S.’s oil-rich northern neighbor, which has the world’s third-largest proven oil reserves of 168 billion barrels, has for some time lacked sufficient takeaway capacity for the crude oil produced. That lack of transportation capacity is weighing heavily on prices for Canadian crude oil grades which sees…