Published: Fri, March 31, 2017
Markets | By Erika Turner

R Street welcomes Keystone XL permit approval

Alberta Premier Rachel Notley comments on the go-ahead for the Keystone XL pipeline, saying it will create about 5,000 jobs and about $1B in investment for the province.

Completion of the 1,700-mile Keystone XL pipeline is still far from a done deal, despite the Trump administration's approval of a key permit on Friday that reversed a decision by the Obama administration. It's going to be an incredible pipeline, greatest technology known to man or woman.

The officials, who weren't authorized to speak publicly on the matter and demanded anonymity, said the State Department's recommendation and the White House's final approval would occur Friday.

Girling on Friday called the permit "a significant milestone" for the project and touted the jobs and tax benefits for communities along the pipeline. And Friday's decision, while long foreshadowed by Trump's public support for Keystone, represents one of the biggest steps to date by his administration to prioritize economic development over environmental concerns.

Shannon Jr. issued a presidential permit that authorizes project owner TransCanada "to construct, connect, operate, and maintain pipeline facilities at the U.S". On Friday, the State Department issued a document concluding that the pipeline serves US interests, by improving access to a "dependable source of oil".

"We're fighting Keystone XL because of the tremendous risk it poses to the Ogallala Aquifer", Kleeb said.

"It's a great day for American jobs, a historic moment for North America and energy independence", Trump said during a ceremony in the Oval Office.

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"We greatly appreciate President Trump's Administration for reviewing and approving this important initiative and we look forward to working with them as we continue to invest in and strengthen North America's energy infrastructure."

"Keystone was stopped once before, and it will be stopped again".

The multibillion-dollar pipeline would bring more than 800,000 barrels per day of heavy crude from Canada's oil sands in Alberta into Nebraska, linking to an existing pipeline network feeding USA refineries and ports along the Gulf of Mexico.

"Other federal agencies, such as the Army Corps of Engineers, state regulatory commissions, and even local planning boards may have requirements that need to be fulfilled by Keystone prior to construction."In addition, TransCanada may still need to reach deals with hundreds of potentially affected landowners on the pipeline's route". The former CEO of oil company Exxon Mobil recused himself after protests from environmental groups who said it would be a conflict of interest for Tillerson to decide the pipeline's fate.

"We believe that the receipt of the presidential permit was expected by the market", RBC Capital Markets said in a note to clients. Jack Gerard, president and chief executive of the American Petroleum Institute, the primary industry lobbying arm, said the decision was "welcome news" and was "critical to creating American jobs, growing the economy and making our nation more energy secure". The proposed expansion would be 1,900 kilometres long and carry up to 830,000 barrels a day.

Trump boasted as recently as this week that Keystone would be built with American steel, which he has required for new or expanded pipelines. The company has already acquired the steel, much of it from Canada and Mexico, and the White House has acknowledged it's too hard to impose conditions on a pipeline already under construction.

Native American tribes, some landowners and environmental groups oppose the pipeline, fearing it would contaminate water supplies and contribute to pollution. Kerry's recommendation against the permit came after lengthy State Department reviews, and it was unclear what justification the agency might now use to explain the change of position.

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