The Obama administration announced the demise today of the Keystone XL pipeline, which would have done nothing to promote America’s energy independence but everything to promote climate change:
President Barack Obama on Wednesday rejected a Canadian company’s plan to build a U.S.-spanning, 1,700-mile (2,700 kilometer) pipeline to carry oil across six U.S. states to Texas refineries, raising the stakes on a bitter election year fight with Republicans.
Obama laid the responsibility for the rejection of the pipeline on political gamesmanship by Republicans.
“As the State Department made clear last month, the rushed and arbitrary deadline insisted on by Congressional Republicans prevented a full assessment of the pipeline’s impact, especially the health and safety of the American people, as well as our environment.” Obama said. “As a result, the Secretary of State has recommended that the application be denied. And after reviewing the State Department’s report, I agree.”
TransCanada Corp. shares slid more than 3 percent after reports early Wednesday that rejection was imminent.
Rejection of the pipeline had been expected in Washington after Obama tried to delay the decision until 2013 but Congress forced his hand as part of a popular tax cut measure.
No pipeline and a payroll tax cut — the best of both worlds! Who needs friends when you have enemies like today’s GOP?