Natural Gas Glut, Keystone XL Cancellation Seen Weighing on Alberta Finances After losing nearly C$1.3 billion ($975 million) on the aborted Keystone XL (KXL) oil export pipeline project, Alberta, Canada’s top fossil fuel-producing province, also stands braced for more lean years on oversupplied North American natural gas markets. The toll taken by the Covid-19 pandemic, energy commodity surpluses and a bad bet on the U.S. presidential election showed Thursday in the annual Alberta government budget presented by provincial Finance Minister Travis Toews. By Jan. 20, when President Biden kept his campaign promise to scrap the KXL permit granted by the former administration, Toews disclosed that the province spent C$1.276 billion ($957 million) on building its Canadian legs.