The election has direct implications for Canadian energy as TC Energy Corp.’s Keystone XL pipeline will likely be cancelled if Biden does take the White House, even if the Democratic party does not win a majority of seats in the Senate, because it can be initiated by a presidential order to cancel the existing cross-border permit.
In the long run, he said, a Biden administration that halted fracking on U.S. federal lands and sought to end tax incentives for the oil industry in America would ultimately provide a boost to producers in other countries, like Canada.Article content continued That increase matches similar increases in crude oil prices, which were up slightly Wednesday. The Western Canadian Select benchmark for heavy crude was up close to 1 per cent, or 26 cents per barrel, to $29.11 per barrel.