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The decision overturns “an unprecedented, comprehensive regulatory process that lasted more than a decade and repeatedly concluded the pipeline would transport much-needed energy in an environmentally responsible way,” said the Calgary-based company.TC Energy shares pared losses after initially trading at $56, down 1%, on the news.Environmentalists are counting on the latest rejection -- coming more than a dozen years since the pipeline was first proposed -- to stick. They argue the project would provide an outlet for heavy Canadian oil sands crude extracted in Alberta through particularly energy-intensive processes that ratchet up its carbon footprint.“Putting a stop to the dirty and dangerous Keystone XL tar sands pipeline immediately and once and for all would be an important first step and testament to the leadership of the diverse grassroots movement that has long pushed to stop it and other harmful pipelines,” said Tiernan Sittenfeld, a senior vice president with the environmental group League of Conservation Voters.Biden promised the action on the campaign trail, yet his formal step still provoked outrage from oil industry leaders, some Canadian interests and labor unions that support the project.“The Biden administration has chosen to listen to the voices of fringe activists instead of union members and the American consumer on Day 1,” said the United Association of Union Plumbers and Pipefitters in an emailed statement based on news reports before the action.Construction of Keystone XL already began last year, jump started with a $1.1 billion investment by the province of Alberta. Whole segments of the line, including one that crosses to U.S.-Canadian border, have already been built.TC Energy has worked to make the project more palatable to a Democratic administration, inking labor agreements with four major pipeline unions last August, agreeing to sell an equity stake in the line to indigenous communities along the route and promising to power it entirely with renewable energy.Still, Keystone XL has been a lightning rod for controversy and a litmus test for environmentalism almost since it was first proposed in 2005. The 1,179 mile (1,897 kilometer) segment is designed to move oil from Alberta through Montana, South Dakota and Nebraska, then connect with an existing network feeding crude to the Gulf Coast. The line would carry as much as 830,000 barrels of oil a day.Opponents argue it will stimulate oil sands development, contributing to climate change.Years ago, proponents of the controversial crude pipeline argued that more of Canada’s cheaper, heavy crude would help fuel producers on the U.S. Gulf Coast wean off supplies from countries like Venezuela or the conflict-prone Middle East.But refiners in Texas and Louisiana have become increasingly flexible, using more of the abundant light oil from shale fields. Plus, Canadian crude’s price advantage has narrowed, and imports from the country have roughly doubled in a decade to a steady flow of more than 3.5 million barrels a day, without Keystone XL.“It’s not an issue for refiners,” said Robert Campbell, head of oil products research at Energy Aspects Ltd. “They can switch into domestic light. The hurt would be on oil sands producers.”Alberta Premier Jason Kenney on Tuesday urged Canadian Prime Minister Justin Trudeau to take steps to save the permit, saying its revocation “would damage the Canada-U.S. bilateral relationship.”Keystone XL was one of only a handful of energy and mining projects Biden took an explicit stand against while on the campaign trail. Environmentalists emboldened by his move on Keystone are already pressuring him to revoke a critical authorization allowing continued operation of Energy Transfer LP’s Dakota Access oil pipeline and take action against Enbridge Inc.’s plan to replace and expand its aging Line 3 pipeline from Alberta to Superior, Wisconsin.From the archive -- Why the Keystone Project Is Controversial: QuickTake“It’s exciting news,” said Dallas Goldtooth, an organizer with the Indigenous Environmental Network. “Now what are you going to do about Line 3 and the Dakota Access pipeline? We are happy, but we want to see what comes next.”(Updates with TC Energy reaction and shares from fourth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

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  • Ford Must Recall 3M Vehicles Due To Dangerous Airbags, Orders NHTSA

    Ford Motor Company (NYSE: F) will have to recall 3 million vehicles due to defective airbags, according to the National Highway Traffic Safety Administration, Reuters reported Tuesday.What Happened: The federal regulator rejected Ford and Mazda Motor Corporation's (OTC: MZDAY) petitions centered around avoiding the recall of the dangerous Takata airbags, according to Reuters.The agency said on its website that 2006 Ford Ranger and Mazda B-Series vehicles are at a far higher risk for exploding airbags, which could injure or kill vehicle occupants due to emanating fragments."These vehicles can and should be repaired immediately," the regulator said. Ford said Tuesday that the affected vehicles were subject to an earlier recall for the passenger-side airbag, according to Reuters.See Also: GM To Recall 5.9M Vehicles Over Faulty Airbags As NHTSA Turns Down PetitionWhy It Matters: Affected vehicles include Ford Ranger, Fusion, Edge, Lincoln, Zephyr/MKZ, Mercury Milan, and Lincoln MKX, noted Reuters.The defect has led to the largest automotive recall in U.S. history -- necessitating the refurbishing of 67 million airbags.The inflators have reportedly led to the death of at least 27 people around the world and 18 in the United States and have caused over 400 injuries. Ford must submit to NHTSA a "proposed schedule for the notification of vehicle owners and the launch of a remedy" within 30 days, as per Reuters.Last week, Tesla Inc (NASDAQ: TSLA) was asked by the regulator to recall 158,000 Model S, X vehicles due to defective touchscreens.Price Action: Ford shares closed nearly 1.9% higher on Tuesday at $10.02 and gained 1% in the after-hours session.See more from Benzinga * Click here for options trades from Benzinga * Self-Driving Vehicles Can Now Be Made Without Steering Wheels Under New NHTSA Rules * Tesla Model 3 Was UK's Best Selling Battery EV In 2020(C) 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • The credit score to get a mortgage has soared — what can a borrower do?

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  • UPDATE: Bionano Genomics prices $200 million underwritten stock offering at a discount of $6 a share

    Bionano Genomics Inc. priced a $200 million underwritten stock offering announced late Tuesday at a discount of $6 a share, selling 33.3 million shares. The stock closed Tuesday at an alltime high of $9.14. The genome sequencing company's shares have gained 662% in the last 12 months on little news flow, and trading volumes have been active in recent sessions. Bionano previously sold 29 million shares at $3.05 a share less than two weeks ago. The stock fell 22% in premarket trade to reflect the dilutive effect of the offering. Oppenheimer was sole bookrunner on the deal with BITG acting as lead manager and Ladenburg Thalmann and Maxim Group acting as co-managers. Underwriters have a 30-day option to purchase another 5 million shares at the offering price. Bionano shares traded for less than $1 for much of 2020, before prices shot higher just before the end of the year despite no public announcements about changes at the genome-analysis company, which lost nearly $30 million on sales of $4.5 million in the first nine months of 2020.