The cost of the Keystone XL pipeline has increased by half, from $5.4 to $8 billion, in the six years since the project first entered the U.S. regulatory process.
TransCanada Corp. had spent $2.4 billion on the proposed 830,000-barrel-per-day pipeline as of September 30.
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“The opportunities for Keystone appear to be diminishing as oil producers find oil-by-rail or other alternative routes to market,” Canadian Press reports.