Obama Administration Sidelines XL Pipeline Project
Studying a new route for the Canada-to-Texas oil conduit will delay final approval beyond the US 2012 election
The U.S. State Department says it will study a new route for the $7 billion Keystone XL Canada-to-Texas oil pipeline. The decision will delay any final approval beyond the U.S. 2012 election and spare U.S. President Barack Obama a politically risky decision during an election year.
The decision was a victory for environmental groups, who say producing oil sands crude emits large amounts of greenhouse gases. It was a blow to TransCanada Corp, which planned to build and operate the conduit.
