Oil prices have crashed, but Keystone XL keeps moving forward
April 1, 2020
Despite this year's crash in crude prices, TC Energy Corp on Tuesday said it would start construction on the controversial $8bn Keystone XL pipeline after it secured financial backing for the project from the government of Alberta, Canada, pushing the long-delayed pipeline closer to fruition.
Alberta, home of the world's third-largest oil reserves, has struggled for years as congested pipelines weakened prices and forced the provincial government to curtail production. Many companies in the province have cut capital spending as well due to the twin shocks of falling demand from the fast-spreading coronavirus outbreak, and an oil price war initiated by Saudi Arabia after its market alliance with Russia collapsed in acrimony earlier this month.