Barack Obama rejects Keystone XL pipeline
The Obama administration rejected TransCanada's application to build the Keystone XL pipeline on Friday, capping a seven-year saga that became an environmental flashpoint in both Canada and the U.S.
Speaking from the White House, Obama said Keystone "will not serve the national interests of the United States."
Killing the pipeline allows Obama to claim aggressive action on the environment, potentially strengthening his hand as world leaders prepare to finalize major global climate pact within weeks that Obama hopes will be a crowning jewel for his legacy. Yet it also puts the president in a direct confrontation with Republicans and energy advocates that will almost surely spill over into the 2016 presidential election.
TransCanada shares were down six per cent to $32.29 US on the NYSE prior to the announcement. On the TSX, TransCanada was trading at $42.91, also down about six per cent.
Barack Obama rejects Keystone XL pipeline - Business - CBC News
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