The paradox of projects in the time of COVID- 19 is that as virtually the entire industry pulled back, plans for TC Energy Corp.’s long, long, long-awaited Keystone XL Pipeline (KXL) leapt forward. Stranger still, while one of the downcycle’s root causes was the lightning-fast collapse of global oil prices, the market price of the Canadian crude that KXL will carry has been in worse shape than most, closing at an anemic $7.52/bbl on April 1 (no joke), though it quickly bounced back.

The sunny KXL outlook clouded in mid-April, though, when a Montana judge ruled that the U.S. Army Corps of Engineers violated federal law in the way that it approved a permit for the pipeline to cross bodies of water.

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