Considering the Keystone XL pipeline project was first proposed in 2008, as an extension to the line that already existed, this story certainly isn’t new to anyone that’s read a headline or two within the last seven years.
Here’s some background information:
The project was initially passed in 2010 by the Canadian National Energy Board, but it was shortly postponed due to the EPA claiming that the environmental impact study was inadequate. The project was postponed, and brought under review a number of times after the fact, and so far, any signs of the project being completed are pretty much nonexistent.
After the recent Canadian election, TransCanada Corp. requested that the US government halt its current review of the presidential permit for the Keystone XL pipeline.
The multi-year delay in approval stems from the fact that the pipeline needs the State Department to green light the project due to the fact that it crosses an international border.
And yet, most people don’t even realize that part of this pipeline has already been built and is in operation.
In Cushing, Oklahoma, the line is moving the heavy crude to nearby refineries.
Nebraska, however, has refused to allow any of the line to be built in the state at all, another time where the pipeline review had to be halted for one reason or another.
That said, however, this review could take up to an entire year to be completed… more than likely leaving the decision up for the next Commander-and-Chief.
Unless you’ve been under a rock in the United States since 2008, there’s a good chance that you’ve heard the protests surrrounding the pipeline. Of course, let’s never mind the fact that stopping the pipeline project wouldn’t have no affect on current oil sands production (low crude prices are doing a good job of taking care of that).
Also not surprisingly, however, is that the current administration has dismissed the idea that the pipeline would create thousands of jobs.
And here’s the rub in all of this…
Whether or not the Keystone XL pipeline ever gets approved — it doesn’t matter.
After all, the EIA reported that 3.9 million barrels of Canadian crude was exported to the lower-48 states… an addiction that won’t abate anytime soon.
To continue reading…
Click here to read the Rigzone article.
Until next time,
Keith Kohl
Check us out on YouTube!A true insider in the technology and energy markets, Keith’s research has helped everyday investors capitalize from the rapid adoption of new technology trends and energy transitions. Keith connects with hundreds of thousands of readers as the Managing Editor of Energy & Capital, as well as the investment director of Angel Publishing’s Energy Investor and Technology and Opportunity.
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