Assertion Supported AI assessment confidence: 90% certainty 4/5 debate potential 3/5

Tillis claims Biden's Keystone XL cancellation destroyed two billion dollars of capital

Tom Tillis · Critical Capital: Senator Tillis' case for "all-of-the-above" energy · Aug 11, 2026 · at 10:37

Senator Tom Tillis criticizes partisan reversals in federal energy policy, citing the cancellation of the Keystone XL pipeline under the Biden administration.

0:00 / 0:08exact quote · 8.1s

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“I mean, where were you when Biden absolutely destroyed XL pipeline and two billion dollars of capital came out of the ground as a result of that?”

quote is from the automated transcript, cleaned for reading: filler sounds and stutters are removed, nothing is rephrased. names can be misheard (the analysis reads context, assessments check outside sources). how →

The claim, plainly

President Joe Biden's cancellation of the Keystone XL pipeline resulted in two billion dollars of capital being pulled out of the ground.

a quote alone can be ambiguous, so this restates it with the references and context of the conversation around it resolved. AI-written; the tape below the player is the source.

Assessment

Tom Tillis stated that President Joe Biden's cancellation of the Keystone XL pipeline resulted in $2 billion of capital being pulled out of the ground. Financial disclosures directly corroborate this figure. Following President Biden's January 20, 2021 executive order revoking the presidential permit, TC Energy recorded an after-tax asset impairment charge in Q1 2021 of C$2.2 billion (approximately US$1.81 billion). Additionally, project co-investor the Government of Alberta absorbed roughly C$1.3 billion (US$1.0-1.1 billion) in direct losses. Whether referenced in Canadian dollars (C$2.2B) or as a round estimate in U.S. dollars (~US$1.8B), the stranded capital and asset write-downs match the $2 billion claim.

In Q1 2021 financial filings, TC Energy recorded an after-tax asset impairment charge of C$2.2 billion (approx. US$1.81 billion) directly following the revocation of the Keystone XL presidential permit.
The Government of Alberta sustained approximately C$1.3 billion (approx. US$1.0-1.1 billion) in direct losses and exit costs from its equity and loan guarantees in the Keystone XL project upon termination in June 2021.

Checked against

[1] gtwaction.org [2] harvard.edu [3] tcenergy.com [4] cbc.ca [5] theguardian.com [6] ogj.com [7] alberta.ca [8] cbc.ca

TC Energy Keystone XL cancellation loss financial statements 2021 TC Energy Keystone XL impairment charge write down 2021 2 billion Alberta government Keystone XL loss cancellation Biden 2021

assessed as of 2026-09-02

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Mentioned

Joe Biden Keystone XL pipeline

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