Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Denver news in your inbox

Catch up on the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Des Moines news in your inbox

Catch up on the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Minneapolis-St. Paul news in your inbox

Catch up on the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tampa Bay news in your inbox

Catch up on the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Charlotte news in your inbox

Catch up on the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tom Stromme / The Bismarck Tribune via AP

Yesterday's Keystone XL approval by Nebraska state regulators hardly means the project is a sure thing, but it could make it more likely that TransCanada will build it.

Why it matters: Wood Mackenzie's Zachary Rogers said the outcome "greatly diminishes" the political risk facing the project, which is also getting a lift from recent market shifts that strengthen the need for heavy crude on the Gulf Coast.

  • He said in a note that "declining heavy oil production in Mexico and ongoing Venezuelan risk has recently tightened the heavy-crude market in the Gulf Coast."

Yes, but: Barclays, meanwhile, points out that the company did not score an outright win because regulators are demanding route adjustments that add new question marks to the project. From their research note:

  • "Given uncertainty as to what this implies in terms of project cost and timeline, as well as the high probability of additional legal delays, we think that, while the ruling is clearly a necessary step in the right direction, there will still be a lack of certainty surrounding the project for some time."
  • They predict the project will come online in late 2021.

TransCanada's take: The company's response stopped short of a firm commitment to actually building the pipeline that has been a flashpoint for energy and climate policy battles for nearly a decade.

  • "As a result of today's decision, we will conduct a careful review of the Public Service Commission's ruling while assessing how the decision would impact the cost and schedule of the project," CEO Russ Girling said in a statement.

Go deeper: The Globe and Mail has an in-depth look at the decision and the hurdles that remain for the project that would carry up to 830,000 barrels per day of crude oil from Alberta's oil sands into the U.S.

Go deeper

Ina Fried, author of Login
48 mins ago - Technology

Google's parent shuts down effort to deliver internet via balloons

Image: Loon

Alphabet is shutting down Loon, one of its "moonshots," which aimed to deliver internet service via high-altitude balloons.

Why it matters: The effort was one of several approaches designed to get high-speed connectivity to some of the world's most remote spots and proved useful in the aftermath of disasters that shut down traditional infrastructure.

Dave Lawler, author of World
1 hour ago - World

What has and hasn't changed as Biden takes over U.S. foreign policy

Photo Illustration: Brendan Lynch/Axios. Photo: Chip Somodevilla/Getty Images

President Biden swiftly recommitted the U.S. to the Paris climate pact and the World Health Organization, but America's broader foreign policy is in a state of flux between the Trump and Biden eras.

Driving the news: One of the most striking moves from the Biden administration thus far was a show of continuity — concurring with the Trump administration's last-minute determination that China had committed "genocide" against Uyghur Muslims.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Health: New coronavirus cases down, but more bad news ahead — Fighting COVID-19's effects on gender equality.
  2. Politics: Biden unveils "wartime" COVID strategyBiden's COVID-19 bubble.
  3. Vaccine: NYC postpones vaccine appointments following shipment delays — Private companies step in to fill vaccine logistics vacuum.
  4. World: Biden will order U.S. to rejoin World Health OrganizationBiden to bring U.S. into global COVAX initiative for equitable vaccine access.

You’ve caught up. Now what?

Sign up for Mike Allen’s daily Axios AM and PM newsletters to get smarter, faster on the news that matters.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!