Keystone XL developer to pull the plug on pipeline

TC Energy, the developer of the long-contested Keystone XL oil pipeline, is pulling the plug on the project, the company is poised to announce, according to a person familiar with the situation.

The decision by the Canadian company to cancel the project comes after President Joe Biden canceled a permit for the 2,000-mile oil pipeline that would have run from Alberta in western Canada to the Gulf Coast.

The move, part of a day-one climate change executive order, drew backlash from Republican lawmakers and even some Democrats who said the cancellation would kill thousands of construction jobs.

After Biden's decision, TC Energy suspended work on the line.