What’s interesting is that all of the majors and large service companies were already starting layoffs around then, they could see the production glut that was building and knew the price of oil would crater. That was outside of Covid and then KSA and Russia flooding the market which was another shot to the chin for American oil business.
Yeah…I know and yet for years, under the Trump Administration, the price of fuel came down and as soon as Biden cancelled the pipeline, prices went up but…there’s no correlation. None.
That is correct, there is no correlation between Keystone and domestic oil prices.
Keystone XL was an additional route to transport Canadian dilbit (it’s not oil) to Gulf Coast refineries where it would then be transported back to Canada for export to China. Zero effect on US oil supply or prices. Now you know something about it.