President Barack Obama rejected TransCanada Corp.’s bid to build the Keystone XL pipeline, ending seven years of debate over an infrastructure project that swelled into one of the most contentious environmental issues of his presidency.
A lengthy review by the State Department concluded that the pipeline “would not serve the national interest of the United States,” Obama said Friday at the White House. “I agree with that decision.”
Obama said the project wouldn’t make a meaningful contribution to the U.S. economy, lower gasoline prices or enhance the nation’s energy security. It also would have undercut U.S. global leadership on climate change, he said. Here is a direct video link.
Rejection of the Keystone XL pipeline solidifies what the market has been saying for months — there’s less appetite for expensive Canadian oil sands in an era of $45 crude.See: What rejection of Keystone XL means for Canada