Keystone XL permitting whiplash
2008–2021What Happened
Keystone XL became a long-running test of whether big fossil-fuel infrastructure could survive election cycles. Approvals and reversals turned a pipeline into a political symbol and a financing nightmare.
Outcome
Delays and legal fights made construction timelines and capital planning unstable.
Developers and investors learned to price in political risk as a core project variable.
Why It's Relevant Today
NPR-A is facing the same dynamic: rules change, but investment decisions remember the last reversal.
