Biden administration officials are seeking ways to boost oil imports from Canada, according to a WSJ report citing people familiar.
Remember, it was the same President that cancelled the Keystone XL pipeline on his first day in office. The report says they don't want to resurrect it and are looking at other ways. So far they've found that it will be difficult and expensive to do via current capacity and costly by rail.
The decision to cancel the pipeline will haunt the Biden administration. There is also a good chance they lose a $15B NAFTA lawsuit related to withdrawing the permits.
In any case, CAD is at the strongest levels of the day on the report.
