REGINA – One of the biggest backers of the Keystone XL pipeline is acknowledging that the project is likely doomed to fail.
The Saskatchewan government is expecting Keystone’s (TSX:TRP) demise after American Democratic presidential contender Hillary Clinton said she opposes it.
Clinton said Tuesday that the project has been a distraction and she doesn’t believe it’s in the best interests of what needs to do be done to combat climate change.
Saskatchewan Economy Minister Bill Boyd says he’s not surprised by Clinton’s stance, but also that opposing Keystone won’t stop Canadian oil exports to the U.S.
Boyd also says Clinton appears more interested in appeasing certain environmental groups and the celebrity critics of fossil fuels than putting forth what he calls sound energy policy.
The Saskatchewan government and Premier Brad Wall have been vocal supporters of the Keystone XL pipeline, which would carry oilsands crude from Alberta to refineries on the U.S. Gulf Coast.
“While the rejection of Keystone seems likely, the government of Saskatchewan will continue to advocate for an expansion of pipeline capacity to move Western Canadian oil to tidewater,” Boyd said in a statement Wednesday.