• 7 hours Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 8 hours Oil Gains Spur Growth In Canada’s Oil Cities
  • 9 hours China To Take 5% Of Rosneft’s Output In New Deal
  • 9 hours UAE Oil Giant Seeks Partnership For Possible IPO
  • 10 hours Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 11 hours VW Fails To Secure Critical Commodity For EVs
  • 12 hours Enbridge Pipeline Expansion Finally Approved
  • 13 hours Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 13 hours OPEC Oil Deal Compliance Falls To 86%
  • 1 day U.S. Oil Production To Increase in November As Rig Count Falls
  • 1 day Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 1 day Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 1 day EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 2 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 2 days Aramco Says No Plans To Shelve IPO
  • 4 days Trump Passes Iran Nuclear Deal Back to Congress
  • 4 days Texas Shutters More Coal-Fired Plants
  • 4 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 4 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 5 days Chevron Quits Australian Deepwater Oil Exploration
  • 5 days Europe Braces For End Of Iran Nuclear Deal
  • 5 days Renewable Energy Startup Powering Native American Protest Camp
  • 5 days Husky Energy Set To Restart Pipeline
  • 5 days Russia, Morocco Sign String Of Energy And Military Deals
  • 5 days Norway Looks To Cut Some Of Its Generous Tax Breaks For EVs
  • 5 days China Set To Continue Crude Oil Buying Spree, IEA Says
  • 5 days India Needs Help To Boost Oil Production
  • 5 days Shell Buys One Of Europe’s Largest EV Charging Networks
  • 6 days Oil Throwback: BP Is Bringing Back The Amoco Brand
  • 6 days Libyan Oil Output Covers 25% Of 2017 Budget Needs
  • 6 days District Judge Rules Dakota Access Can Continue Operating
  • 6 days Surprise Oil Inventory Build Shocks Markets
  • 6 days France’s Biggest Listed Bank To Stop Funding Shale, Oil Sands Projects
  • 6 days Syria’s Kurds Aim To Control Oil-Rich Areas
  • 6 days Chinese Teapots Create $5B JV To Compete With State Firms
  • 7 days Oil M&A Deals Set To Rise
  • 7 days South Sudan Tightens Oil Industry Security
  • 7 days Over 1 Million Bpd Remain Offline In Gulf Of Mexico
  • 7 days Turkmenistan To Spend $93-Billion On Oil And Gas Sector
  • 7 days Indian Hydrocarbon Projects Get $300 Billion Boost Over 10 Years
Alt Text

Saudi Arabia Looks To Shelve Aramco IPO

Saudi sources have confirmed that…

Alt Text

Who Are The Biggest Buyers Of U.S. Oil?

Exports of U.S. petroleum and…

Alt Text

The “Amazon Effect” Is Coming To Oil Markets

The move toward using software…

Election Results Good News For Keystone XL Pipeline

Election Results Good News For Keystone XL Pipeline

The US Republican Party has reason to celebrate Tuesday’s victories at the polls. Not only will they now control both the Senate and the House of Representatives when Congress reconvenes in January, but they also can legislate Congress’ approval of the much-stalled Keystone XL pipeline and perhaps force President Obama to sign the bill.

The bill is now undergoing a protracted study by the State Department because the pipeline, carrying Canadian oil sands, would originate in a foreign country before moving south through the US Midwest to Texas’ Gulf of Mexico coast. Further, Obama has expressed ambivalence about the project because it could contribute more greenhouse gases to the Earth’s atmosphere.

Support for the Xeystone XL is a given in the House, which has voted several times to approve it. But having won control of the Senate for the first time in eight years, Republicans now will have enough support from Democrats to avoid a filibuster. They may even be able to cobble together enough votes to override a veto from Obama.

Related: $15 Billion in Pipeline Projects Coming to Appalachia in 2015

Under a filibuster, opponents of legislation backed by a small minority in the Senate could merely threaten to extend debate on the issue indefinitely, ultimately preventing a vote. It takes 60 votes of the 100-member Senate to end such a filibuster, and it takes a two-thirds majority of both houses of Congress to override a presidential veto.

Before the Nov. 4 congressional elections, 57 Senators supported approval of Keystone XL, including 12 Democrats. With at least four more Republican senators (and four fewer Democrats) in the Senate, that total now will be 61, just enough to prevent a Democratic filibuster.

As for making approval veto-proof, the GOP can solicit the votes of four more Democrats who previously have supported a weaker, non-binding resolution backing the pipeline. If that works, the GOP would have 65 votes, two shy of the 67 needed to override a veto. They could reach that number if they were willing to add inducements to the bill.

Even without veto-proof support for Keystone XL, strong approval from both houses of Congress would put enormous political pressure on Obama to sign the measure despite his environmental reservations. Further, about 60 percent of Americans polled say they’re in favor of the pipeline.

Related: Breakthrough In Oil Sands Waste Treatment

Obama’s also torn by a split among groups that form the base of his own party. On the one hand, environmentalists press the argument on emissions, while labor unions say construction of Keystone XL would create jobs.

“I think first order of business is to pass it out of House, Senate, and then finally force the president to make a decision on it,” one anonymous Republican aide told Politico. If Obama vetoed it, the aide said, he would kill a widely popular project and force the GOP to work for veto-proof support in the Senate.

Reince Priebus, chairman of the Republican National Committee, doesn’t think the Senate will have to fight that hard. “I actually think the president will sign the bill on the Keystone pipeline because I think the pressure – he’s going to be boxed in on that, and I think it’s going to happen,” he said Nov. 4.

By Andy Tully of Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News