President Trump’s fiscal 2018 budget proposal confirms that he will seek federal infrastructure funds over 10 years, but there is still much that is uncertain.
On March 24, after years of delays and an earlier rejection by the Obama administration, the Trump administration approved TransCanada’s application to build the 1,200-mile cross-border Keystone pipeline.
The State Department has approved the construction of the cross-border Keystone XL pipeline, but developer TransCanada still must win approval from Nebraska.
Laborers and union leaders cheered presidential memorandums to restart the Dakota Access and Keystone XL pipelines, but it will take more than a penstroke to get work under way.
Royal Dutch Shell has lost $5 billion so far in 2015, TransCanada Corp. is staring at a $2-billion write-off following the U.S. rejection of its Keystone XL pipeline, and Baker Hughes said it took a 43% hit to earnings compared to last year, a measurement almost identical to the decline of North American oil-rig drilling over the same time.
President Obama’s Nov. 6 announcement that the State Dept. would not allow the Keystone XL pipeline to be built is a blow to contractors and construction unions that had strongly advocated for the project.