The Keystone XL pipeline was expected to carry 830,000 barrels per day of Alberta oil sands crude to Nebraska, but the project was delayed for the past 12 years due to opposition from USA landowners, Native American tribes and environmentalists. In a statement, the company said: "Construction activities to advance the Project were suspended following the revocation of its Presidential Permit on January 20, 2021".
Trump, however, supported the pipeline as part of a push for "gleaming new infrastructure" and tried to revive the operation, but was thwarted by court rulings to halt construction in 2018 - before again approving a permit in early 2020.
The announcements come after USA president Joe Biden signed an executive order to revoke the pipeline's permit on his first day in office in January - a move he had promised during his election campaign.
The pipeline, which would have carried 800,000 barrels of oil a day from the tar sands of Canada into the US, has been at the center of Republican and Democratic debates since its inception during George W. Bush's final years in the White House.
In a release Wednesday, TC Energy said that after a comprehensive review of its options and consultations with the government of Alberta, it had terminated the project.
The province had hoped the pipeline would spur increased development in the oil sands and bring tens of billions of dollars in royalties over decades.
TC Energy said in canceling the pipeline that the company is focused on meeting "evolving energy demands" as the world transitions to different power sources.
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Kendall Mackey, a campaigner with the activist group @350, said the project's demise was a harbinger of more casualties as environmentalists challenge fossil fuels.
On Montana's Fort Belknap Reservation, tribal president Andy Werk Jr. described the end of Keystone as a relief to Native Americans who stood against it out of concerns a line break could foul the Missouri River or other waterways.
Canadian officials failed to persuade the Biden administration to reverse the cancellation.
The Alberta government and TC Energy announced the official termination of the pipeline extension on Wednesday. "At a time when Canadians are desperate to get back to work, the loss of this important project only makes this harder", said federal Conservative party leader Erin O'Toole.
A White House spokesperson did not immediately respond to a request for comment on TC Energy's announcement.
Business interests also lamented Keystone's cancellation, saying it could discourage developers from pursuing other USA infrastructure projects subject to intensive permitting reviews. Meanwhile, oil prices fell significantly - from more than $100 a barrel in 2008 to under $70 in recent months - slowing development of Canada's oil sands and threatening to eat into any profits from moving the fuel to refineries.