• 15 mins Kuwait Greenlights Game-Changing Gas Fields Project After Years of Delay
  • 45 mins Minnesota Begins Public Hearings On Enbridge Line 3 Project
  • 1 hour China Looks To Create National Natural Gas Pipeline Firm
  • 2 hours Total Not In A Rush To Sell Canadian Oil Sands Assets
  • 2 hours DOE Seeks To Boost Usage Of Carbon Capture Tech
  • 3 hours Taxpayers Likely To Pick Up The Growing Tab For DAPL Protests
  • 6 hours WTI At 7-Month High On Supply Optimism, Kurdistan Referendum
  • 12 hours Permian Still Holds 60-70 Billion Barrels Of Recoverable Oil
  • 17 hours Petrobras Creditors Agree To $6.22 Billion Debt Swap
  • 21 hours Cracks Emerge In OPEC-Russia Oil Output Cut Pact
  • 1 day Iran Calls On OPEC To Sway Libya, Nigeria To Join Cut
  • 1 day Chevron To Invest $4B In Permian Production
  • 1 day U.S.-Backed Forces Retake Syrian Conoco Gas Plant From ISIS
  • 1 day Iraq Says Shell May Not Quit Majnoon Oilfield
  • 4 days Nigerian Oil Output Below 1.8 Million BPD Quota
  • 4 days Colorado Landfills Contain Radioactive Substances From Oil Sector
  • 4 days Phillips 66 Partners To Buy Phillips 66 Assets In $2.4B Deal
  • 4 days Japan Court Slams Tepco With Fukushima Damages Bill
  • 4 days Oil Spills From Pipeline After Syria Army Retakes Oil Field From ISIS
  • 4 days Total Joins Chevron In Gulf Of Mexico Development
  • 4 days Goldman Chief Urges Riyadh To Get Vision 2030 Going
  • 4 days OPEC Talks End Without Recommendation On Output Cut Extension
  • 5 days Jamaican Refinery Expansion Stalls Due To Venezuela’s Financial Woes
  • 5 days India In Talks to Acquire 20 Percent Of UAE Oilfield
  • 5 days The Real Cause Of Peak Gasoline Demand
  • 5 days Hundreds Of Vertical Oil Wells Damaged By Horizontal Fracking
  • 5 days Oil Exempt In Fresh Sanctions On North Korea
  • 5 days Sudan, South Sudan Sign Deal To Boost Oil Output
  • 5 days Peruvian Villagers Shut Down 50 Oil Wells In Protest
  • 5 days Bay Area Sues Big Oil For Billions
  • 6 days Lukoil Looks To Sell Italian Refinery As Crimea Sanctions Intensify
  • 6 days Kurdistan’s Biggest Source Of Oil Funds
  • 6 days Oil Prices On Track For Largest Q3 Gain Since 2004
  • 6 days Reliance Plans To Boost Capacity Of World’s Biggest Oil Refinery
  • 6 days Saudi Aramco May Unveil Financials In Early 2018
  • 6 days Has The EIA Been Overestimating Oil Production?
  • 6 days Taiwan Cuts Off Fossil Fuels To North Korea
  • 6 days Clash In Oil-Rich South Sudan Region Kills At Least 25
  • 6 days Lebanon Passes Oil Taxation Law Ahead Of First Licensing Auction
  • 7 days India’s Oil Majors To Lift Borrowing To Cover Dividends, Capex
Failed OPEC Meeting Could Drive Oil Prices Lower

Failed OPEC Meeting Could Drive Oil Prices Lower

Oil prices have rallied above…

Congress Sends Keystone Bill To Obama, Who Says He’ll Veto It

Republicans have passed a bill approving the construction of the Keystone XL pipeline, a measure that President Obama has promised to veto – not because he opposes the project itself, but because he believes he has the sole authority to approve it.

The legislation, which passed in the Senate in late January, was approved in the House by a vote of 270-152. One Republican voted against the measure and 29 Democrats favored it. It will be sent to the White House for Obama’s consideration the week of Feb. 23. After that he has 10 days to decide whether to sign or veto it.

And despite broad bipartisan support for the measure in both houses, neither the Senate nor the House has the necessary two-thirds majority necessary to override a veto.

The 1,179-mile pipeline project, which would ship up to 830,000 barrels of oil sands from Canada to refineries on the US coast of the Gulf of Mexico, is a nest of controversy. For example, supporters say it would create jobs in the United States and help the country become more energy independent.
|
Opponents counter that most of the jobs will evaporate once the pipeline is built, and that the oil it carries is meant for export, not for use in the United States. They also contend that Canadian oil sands are among the most polluting forms of crude and thus the project would contribute to climate change.

Republicans see the issue as popular among voters who may perceive Obama as siding with radical environmentalists against the good of the US economy. “Instead of listening to the people, the president is standing with a bunch of left-fringe extremists and anarchists,” House Speaker John Boehner said. “The president needs to listen to the American people and say ‘yes, let’s build the Keystone pipeline.’ ”

Obama argues that because the pipeline would cross an international border, from Canada into the United States, only his office, not Congress, has the jurisdiction to approve it or scrap it. He also has said a vote by Congress would improperly bypass a continuing review of the project at the State Department, which also has the authority over a cross-border pipeline.

The House vote came hours after Canada’s ambassador in Washington, Gary Doer, and Russ Girling, the CEO of TransCanada, which would build the pipeline, sent separate letters to the State Department criticizing the US Environmental Protection Agency over comments it made Feb. 2 that the current low price of oil could lead the pipeline to have a greater impact on climate change than first believed.

“This conclusion is not supported by the conclusions drawn in the FSEIS [Final Supplemental Environmental Impact Statement] or by actual market prices and production rates since TransCanada first applied for Keystone XL in 2008,” Girling wrote.

The FSEIS was contained in a State Department environmental report issued in January 2014 that the pipeline, if built, would not lead to a significant rise in atmospheric pollution. Yet environmentalists say they are optimistic that Obama’s veto on procedural grounds is evidence that eventually he will reject the project altogether.

“[W]e are more confident than ever that he will soon reject this dirty and dangerous pipeline once and for all,” Gene Karpinski, the president of the League of Conservation Voters, told The New York Times.

The Obama administration has been reviewing Keystone XL for six years so far, and both supporters and opponents of the project are urging the president to make a final decision soon. If it is ever completed, the pipeline system would cross from the Canadian province of Alberta and move through six US states.

TransCanada already has spent $3 billion on Keystone XL, and expects to spend more than $10 billion on it if it gets a chance to finish it.

By Andy Tully of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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