Keystone XL Pipeline Back in Focus as Obama Heads Into Second Term

TransCanada’s (NYSE:TRP) Keystone XL project is back on the president’s agenda, according to Canadian Natural Resources Minister Joe Oliver.

The project was postponed after TransCanada’s request for a permit that would allow it to transport crude oil from Alberta to the United States was denied earlier this year.

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The Calgary-based company has remained in stasis since last year, as environmentalists were concerned that the pipeline might pollute the environment, contributing to global warming. It was the cause of many demonstrations and arrests. The project is expected to spark more outcries.

But Oliver said that the company has country’s best interests in mind. He is also confident it will get approved. Romney had embraced the project, saying that the pipeline project would lead to job creation.

TransCanada spokesperson Shawn Howard said that if the project were to be approved, it would help the country become energy secure. It is waiting for initial approval from Nebraska as the pipeline would be routed through the State.

After that process, the U.S. Department of State will conduct a review and send a recommendation to the president.

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