Alberta Premier Jason Kenney
Kenney’s bad Keystone XL bet
Alberta’s premier went all in on the controversial pipeline but may lose his shirt
Alberta premier Jason Kenney made a big gamble on TC Energy’s controversial Keystone XL (KXL) crude pipeline at the end of March. The victory of Joe Biden in November’s US election means it is unlikely to pay off. Kenney backstopped the pipeline project with C$7.5bn ($5.75bn) of public money—consisting of a C$1.5bn equity stake in 2020 and a C$6bn loan guarantee in 2021—to ensure a positive FID and a quick start to construction before the US presidential vote. Besides creating jobs and economic activity in his struggling province, Kenney was hoping to create ‘facts on the ground’ to discourage the next US administration from kyboshing the project yet again. C$7.5bn – Albertan backstop
Also in this section
4 December 2025
Time is running out for Lukoil and Rosneft to divest international assets that will be mostly rendered useless to them when the US sanctions deadline arrives in mid-December
3 December 2025
Aramco’s pursuit of $30b in US gas partnerships marks a strategic pivot. The US gains capital and certainty; Saudi Arabia gains access, flexibility and a new export future
2 December 2025
The interplay between OPEC+, China and the US will define oil markets throughout 2026
1 December 2025
The North African producer’s first bidding round in almost two decades is an important milestone but the recent extension suggests a degree of trepidation
