keystone xl pipeline

Keystone Pipeline Gets Step Closer to Approval – Which Is Good News for These Investors

Keystone XL pipeline supporters - who have been waiting years for this project to be completed - just received good news from the U.S. Department of State.

The Keystone pipeline is 1,179 miles long and would connect heavy crude oil from bitumen deposits in Canada to the southeastern refining network of the United States. While the southern portion has been built, the northern section requires approval given its cross-border passage.

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Finally, TransCanada Corp. (NYSE: TRP) Will Build the Keystone Oil Pipeline – Sort of

Turns out the Keystone oil pipeline will be built - at least, part of it.

TransCanada Corp. (NYSE: TRP), the Calgary-based energy company trying to get the project approved, said yesterday (Monday) it would seek immediate approval to start building the southern half of the pipeline that runs from Oklahoma to Texas. That segment doesn't need a presidential permit because it doesn't cross a U.S. border.

TransCanada said the southern portion of the Keystone oil pipeline will allow Midwest oil to reach Gulf Coast refineries. There is currently a glut of oil produced in that region.

"Gulf Coast refineries can then access lower-cost domestic production and avoid paying a premium to foreign oil producers," TransCanada CEO Russ Girling said Monday.

The pipeline will carry light crude oil produced in North Dakota, Montana, Kansas, Oklahoma, and Texas. It will cost $2.3 billion and be completed in 2013. It will also create about 4,000 construction and support jobs.

TransCanada also said it would reapply for the full Keystone oil pipeline construction - a hot button issue in this election year.

Why President Obama Rejected the Keystone Oil Pipeline



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