“I’m disappointed that Republicans in Congress forced this decision, but it does not change my administration’s commitment to American-made energy,” Obama said today in a statement. “We will continue to look for new ways to partner with the oil and gas industry to increase our energy security.”
TransCanada fell 47 cents to $41.27 at 3:24 p.m. in New York, and earlier today touched $39.74.
Canada Backs Pipeline
Canada will continue to support TransCanada Corp.’s plans to build the Keystone XL pipeline, Canadian Foreign Minister John Baird said, adding that it is in the best interests of both Canada and the United States.
“The Department of State recommended to President Obama that the presidential permit for the proposed Keystone XL Pipeline be denied and, that at this time, the TransCanada Keystone XL Pipeline be determined not to serve the national interest,” according to an e-mailed statement. “The president concurred.”
The denial of the permit application doesn’t preclude any subsequent permit applications for similar projects, according to the State Department’s statement.
Environmentalists said the pipeline will add to greenhouse- gas emissions tied to climate change and endanger drinking water supplies in Nebraska. They have staged demonstrations outside the White House and vowed to withhold financial support to Obama’s presidential campaign if he approves the pipeline.
‘Oil Spills’
“The entire purpose of the pipeline is to move Canadian oil to the crude refineries in the Gulf so that it can be shipped overseas,” Jeremy Symons, a National Wildlife Federation vice president, said today in a phone interview. “If the pipeline is built, Canada gets the jobs, China gets the oil and American families get the oil spills.”
