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Thursday, Mar. 17, 2022

Would reviving construction of the Keystone XL pipeline lower gas prices in the near future?

Austin Tannenbaum, Gigafact
no

The "export limited" extension of the Keystone pipeline was less than 8% complete when President Biden revoked its permit. If construction resumed, it would take years for oil to flow through it.

Even if XL became operational, the crude, taken from Canada's tar sands, would be piped to Gulf Coast refineries, which export a large portion of their oil.

Oil prices are determined by global markets. Commenting on whether XL would lower gas prices, the U.S. State Department told PolitiFact in 2017:

"Gas prices throughout the United States are primarily driven by global market factors. Any impact on prices for refined petroleum products resulting from the approval and construction of the Keystone XL pipeline would be minimal."

Despite Republican efforts to revive the pipeline, TC Energy is having the XL infrastructure dismantled and stated the project "will not proceed."

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