• 3 minutes Looming European Gas Crisis in Winter and North African Factor - a must read by Cyril Widdershoven
  • 7 minutes "Biden Targets Another US Pipeline For Shutdown After 'Begging' Saudis For More Oil" - Zero Hedge Monday Nov 8th
  • 12 minutes "UN-Backed Banker Alliance Announces “Green” Plan to Transform the Global Financial System" by Whitney Webb
  • 23 hours Microbes can provide sustainable hydrocarbons for the petrochemical industry
  • 2 mins Hunter Biden Helped China Gain Control of Cobalt Mines in Africa
  • 4 hours CO2 Electrolysis to CO (Carbon Monoxide) and then to Graphite
  • 11 hours NordStream2
  • 1 day GREEN NEW DEAL = BLIZZARD OF LIES
  • 4 days Is anything ever sold at break-even ? There is a 100% markup on lipstick but Kuwait can't break-even.
  • 1 hour Building A $2 Billion Subsea Solar Power Cable From Chile To China
  • 4 days Modest drop in oil price: SPRs vs US crude inventory build
  • 14 hours "Gold Set To Soar As Inflation Fears Mount" by Alex Kimani
  • 5 days 2019 - Attack on Saudi Oil Facilities.
  • 5 days Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 6 days Ukrainian Maidan after 8 years
Oil Bulls Rejoice As Biden’s Supply Strategy Backfires

Oil Bulls Rejoice As Biden’s Supply Strategy Backfires

President Biden’s crude reserve release…

Andy Tully

Andy Tully

Andy Tully is a veteran news reporter who is now the news editor for Oilprice.com

More Info

Premium Content

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:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News