3 Harmful Consequences of Biden Killing the Keystone XL Pipeline

https://fee.org/articles/3-harmful-consequences-of-biden-killing-the-keystone-xl-pipeline/
Hard to find an upside to this move by Biden

1. Blocking the Keystone XL Pipeline May Actually Increase CO2 Emissions
Even those who share Biden’s goal of reducing CO2 emissions shouldn’t support his move to block the pipeline. Blocking its construction will, most likely, lead to higher emissions, not a reduction.

Why?

Well, Keystone had already promised to use green technology and eliminate all CO2 emissions from its operations by 2030. And it’s not as if blocking this pipeline will actually mean the oil doesn’t get transported. It will just have to be transported by more costly, less efficient measures like rail shipping.

2. Thousands of Jobs Will Be Lost
Any time the government steps in and squashes economic investment, job losses are sure to follow. Biden’s blocking of the Keystone XL pipeline is no exception.

If allowed to go through, the pipeline project would have created 11,000 jobs and $1.6 billion in wages, according to Fox Business. These gains will all now be lost. Biden regularly says he wants his environmental policies to create good-paying, union jobs— but what the president just did will accomplish the opposite. This is why even left-wing elected officials like Canadian Prime Minister Justin Trudeau oppose Biden’s decision.

3. Regulatory Uncertainty Will Discourage Future Business Investment
If there’s one thing that’s bad for investment, it’s uncertainty. And that’s exactly what Keystone has faced thanks to the federal government’s knee-jerk reversals and regulatory whiplash.

Yes, you can build it. Wait, no you can’t. Yes, actually you can. Wait, never mind, now it’s blocked again.

“It is impossible for American businesses to make big, long-term investments in a political environment in which every project is up for renegotiation — or summary economic execution — every time the White House changes hands,” the National Review editorial board wisely warns. “Surely, in a continental nation as vast as ours, with an economy as complex as ours, it shouldn’t be possible for one man serving a short term in a temporary elected office to undo years of work and billions of dollars in investment. This is pure foolishness, and it will cost us.”