WASHINGTON (MarketWatch) — Remember the proposal to build the Keystone XL pipeline? Canada does, and it’s tired of waiting.
Last spring, the Obama administration again delayed a decision on building the northern leg of the proposed Canada-to-U.S. Gulf Coast pipeline. Now, backers of a proposed shorter and cheaper pipeline through Canada called Energy East say that project has a high probability of being built, according to an extensive Bloomberg article published late Tuesday.
Bloomberg reports TransCanada Corp. TRP, -0.97% is expected to file an application to build the Energy East pipeline in the coming days, and approval may come in early 2016.
Energy East, which would carry oil from Alberta to eastern Canadian refineries and marine terminals, still faces potential hurdles, Bloomberg says. Those include environmentalists’ concerns in Quebec. See map of the proposed pipeline.
The report says the Canada-only idea surfaced after President Barack Obama’s surprise Nov. 10, 2011 call to Canadian Prime Minister Stephen Harper telling him Keystone was on hold. It doesn’t say Canadians want Keystone scrapped. They still want Keystone approved on the theory that oil sands reserves are so vast it will take multiple large pipelines to properly develop them, the report said.
Obama’s decision on Keystone isn’t likely to come until after November’s midterm elections. Senate Minority Leader Mitch McConnell has promised a floor vote on the Keystone project if Republicans take control of the chamber in the midterms.
The southern leg of the Keystone pipeline, running from Cushing, Okla., to Texas Gulf Coast refineries, began operating in January.
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Kestone sacrafice
Re: Kestone sacrafice
I think Keystone XL will get approved by year-end or it has to wait until Obama fades away. The Canadian Oil Sands are being developed no matter what we do because it has to be. There is no way to meet the future energy needs of in the 2020's without this oil. It will be sold into the world market if we don't want it. It will be transported by rail (100 X more dangerous than a pipeline) if necessary, but it will be produced.
The way we have made this a political issue is a joke and Washington should be ashamed of themselves. Of course this is just one of the many things they should be ashamed of.
Warren Buffet made a ton on his railroad companies and only a few people were killed by the railroad accidents.
The way we have made this a political issue is a joke and Washington should be ashamed of themselves. Of course this is just one of the many things they should be ashamed of.
Warren Buffet made a ton on his railroad companies and only a few people were killed by the railroad accidents.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group