Nebraska’s better off without Keystone XL

Lincoln Journal Star Editorial Board

Increased investment in renewable energy — wind energy, solar power, electric vehicles, etc. — proves that America’s future will involve fewer fossil fuels going forward, a fact underscored by the growing number of financial institutions and other entities that now refuse to invest in the oil and gas industry . . . The grassroots coalition of environmentalists, farmers, ranchers and property-rights advocates who fought the pipeline tooth and nail can celebrate, knowing their efforts weren’t in vain. Read more here.

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When TC Energy said the pipeline would create nearly 119,000 jobs, a State Department report instead concluded the project would require fewer than 2,000 two-year construction jobs and that the number of jobs would hover around 35 after construction.

The market case, even before the COVID-19 pandemic sent oil prices plummeting, has also deteriorated. Low oil prices and increasing public concern over the climate have led Shell, Exxon, Statoil, and Total to either sell their tar sands assets or write them down. Because of this growing market recognition, major new tar sands projects haven’t moved forward with construction for years, despite investments from the government of Alberta, Canada. For example, in 2020, Teck Resources withdrew its ten-year application to build the largest tar sands mine in history—citing growing concern surrounding climate change in global markets.

Alberta’s Renewable Energy Growth