Biden administration officials are looking for ways to increase oil imports from Canada, according to a WSJ report citing people familiar.
Remember, this is the same president who canceled the Keystone XL pipeline on his first day in office. The report says they don’t want to resurrect him and are considering other means. So far they have found that it will be difficult and expensive to do this via current capacity and expensive by rail.
The decision to cancel the pipeline will haunt the Biden administration. There’s also a good chance they’ll lose a $15 billion NAFTA lawsuit related to license withdrawals.
Either way, the CAD is at the daily highs on the report.