TransCanada will more than likely just try to wait him out and try again with another administration.
President Obama announced Friday that he was rejecting the controversial Keystone XL oil pipeline project because it wouldn’t serve U.S. interests, dismissing its potential economic benefits as insignificant in the long run as he sought to close a long-running chapter in the political fight over global warming.
“For years, the Keystone pipeline has occupied what I frankly consider an overinflated role in our political discourse,” Obama told reporters at the White House. “It became a symbol too often used as a campaign cudgel by both parties rather than a serious policy matter.”
The pipeline began as a project nearly a decade ago to carry more than 800,000 barrels of crude oil a day from Canada to U.S. Gulf Coast refineries, as a shortcut to bring it to market more quickly. But it grew over time into a political symbol: for opponents, of energy interests run amok, and for backers, of the zealous overreach of environmental advocates.
His announcement came days after TransCanada, the company building the pipeline, asked that its permit application be put on hold while another challenge to the project played out in Nebraska. It had become increasingly clear in recent months that Obama would probably reject the pipeline, and TransCanada’s request was widely seen as a way to buy time until a more politically friendly atmosphere prevailed, including a new administration moving into the White House after the 2016 presidential election.
Environmentalists “are well aware that the next president could undo all this, but this is a day of celebration,” said Bill McKibben, cofounder of the environmental group 350.org, in a statement.
Like I said, they have a lot invested in this project already,