The first day in office, President Joe Biden flexed an axe at the oil and gas industry that will crush the industry’s future. Executive Order 13990 halts further development of the Keystone Pipeline XL project that former President Donald Trump approved in March of 2019. The misguided order kills 11,000 high-paying jobs and is further proof the Biden administration cannot be trusted as an oil and gas ally moving forward. It is the ultimate betrayal to the pipefitting and plumbing union employees he promised to protect in a speech while campaigning last year. Surprisingly, an estimated 57 percent of union households voted for Biden. Now stunned, many have second thoughts. Several state, trade and Canadian leaders are also outraged by the sudden move. Fourteen state attorneys general filed a lawsuit against several of Biden’s energy policies. Canadian Prime Minister Justin Trudeau mentioned in a call with Biden that he is disappointed in the decision. Jason Kenney, the premier of Alberta, Canada’s largest energy province, called the Keystone Pipeline cancellation “an insult” and “a gut punch.” The province invested $1.5 billion in the pipeline project last year. The executive order also bans oil and gas drilling on federal land for 60 days. Many in the industry believe this will eventually become a permanent ban and open a door to implement more regulations including a ban on fracking. The same order also bans offshore oil and gas drilling in the arctic waters, Bering Sea and ANWR. The U.S. was energy independent for the first time since 1957 under the Trump administration. The actions we see today will lead to a loss of thousands of well-paying oil and gas jobs, set the U.S. back to energy dependence, which will benefit China, Russia and Saudi Arabia, and eventually lead to higher energy costs for consumers.
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