22 December 2022 | Other

IEEFA: Recent oil spill proves that Keystone XL pipeline shouldn't be built

The recent oil spill on TC Energy's existing Keystone pipeline was an additional push to deny permission to build the Keystone XL pipeline. A growing number of votes at the Institute for Energy Economics and Financial Analysis (IEEFA) supported the decision.

The Keystone pipeline was built just in 2011 and is not old. The cause of the spill is under investigation. IEEFA wonders about the service lifetime of the new section of pipeline. It is usually measured in decades. The reason behind the spill is unclear.

Previously, the U.S. Government Accountability Office had already published a report on repeated spills on the pipeline, and a year and a half later this incident occurred. The IEEFA report stated that TC Energy failed in preventing oil spills.

In June, IEEFA published a report on the unreasonable investment in Keystone XL as increasing competition from electric vehicles reduces the market for gasoline. In addition, the report stated that the cancellation of Keystone XL was the right decision.

Company MarketCheese
Period: 29.06.2026 Expectation: 730 pips
Invest in AUDCAD with 0.99500 target
29 May 2026 46
Period: 05.06.2026 Expectation: 1525 pips
GBPUSD may find its footing as selling storm subsides
29 May 2026 42
Brent sell
Period: 05.06.2026 Expectation: 700 pips
Brent crude loses ground amid looming US-Iran peace deal
29 May 2026 44
Period: 29.06.2026 Expectation: 1650 pips
Buying USDCAD with 1.39500 in view
29 May 2026 26
Gold sell
Period: 28.06.2026 Expectation: 400 pips
Selling gold upon breaking below support
28 May 2026 126
Period: 31.08.2026 Expectation: 5000 pips
Invest in USDJPY from 155.00
28 May 2026 50
Go to forecasts