Thursday, January 19, 2012

Obama Cancels the Keystone XL Pipeline Project

On January 17th the Obama administration denied a permit for TransCanada Corp.’s Keystone XL. The pipeline would have carried tar sands oil to U.S. Gulf Coast refineries. Approximately one month earlier, Republicans agreed to pass legislation on tax-cuts and employment benefits by forcing the President to decide on the Keystone XL pipeline.

In November the administration delayed approving the project until after the 2012 election, saying it wanted to study an alternate route. Republicans felt that they could gain more political traction by making the President decide on the fate of the pipeline before the election. Which is why the President was forced to issue his verdict ahead of schedule.

Despite concerns from some quarters about how market would react, there was no reaction from Wall street on the news of the cancellation of the Keystone XL. Oil actually declined in New York as crude for February delivery fell below 100 dollars a barrel.

Although oil prices were not effected by the cancellation of the Keystone XL, Republicans will no doubt try to tar Obama as a jobs killer.

Many are breathing a sigh of relief now that Obama appears to have killed the dirty oil deal. However, the Keystone XL project may yet rise from the dead as the administration is expected to allow TransCanada to submit a new application for an alternate route that avoids the environmentally sensitive aquifer in Nebraska.

© 2012, Richard Matthews. All rights reserved.

Related Posts
Republicans Use Blackmail to Gain Support for the Keystone XL Pipeline
President Obama Stops Keystone XL Pipeline
Tar Sands Day of Action in Washington DC
President Obama and the Fate of the Keystone XL Pipeline
NRDC November 6 Protest Against the Keystone XL in Washington DC
Nebraska's Special Session to Stop the Keystone XL Pipeline
South Dakota Wants Additional Protections Against Spills from the Keystone XL Pipeline
Safety Measures for the Keystone XL Rejected by Environmentalists in Nebraska
State Department Hearings for the Keystone XL Pipeline
Keystone XL Tar Sands Pipeline Protest
Cornell University Questions the Economic Benefits of the Keystone XL Pipeline
Keystone XL Protest Ends in Washington
Oil Spills Add to Concerns about the Keystone XL Pipeline
Nobel Prize Laureates Oppose Keystone XL Pipeline
Religious Leaders Join the Protest Against Keystone XL Pipeline
US Protests Against the Tar Sands Oil
Canada on Track to be a Dirty Energy Superpower
Bill McKibben and other Protestors Jailed for their Opposition to the Keystone XL Tar Sands Pipeline
Video: NASA's Leading Climatologist Addresses Crowd Before he was Arrested at the Keystone XL Tar Sands Protest in Washington

No comments: