Barack Obama has decided to 'kick the can down the road' for TransCanada Corp's Keystone XL oil pipeline. This delay of a decision will kill over 20,000 jobs for now. President Obama's liberal environmental base is 'up in arms' about the planned pipeline.
(Reuters) - The U.S. government on Thursday delayed approval of a Canada-to-Texas oil pipeline until after the 2012 U.S. election, bowing to pressure from environmentalists and sparing President Barack Obama a damaging split with liberal voters he may need to win reelection.
The decision to explore a new route for TransCanada Corp's Keystone XL oil pipeline to avoid fragile territory in the Sand Hills of Nebraska dismayed the Canadian government, which had lobbied assiduously for the $7 billion project.
It also drew a harsh reaction from the oil industry and from Republicans in Congress who accused Obama of sacrificing jobs for the sake of his reelection.
The State Department suggested that looking at new routes for the pipeline within the state of Nebraska would take until at least the first quarter of 2013, well beyond the November 6, 2012 U.S. election. The department had previously said it hoped to make a final decision by the end of this year... Keep on reading...