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11/6/2015, 8:47 PM (Source: TeleTrader)
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Obama denies TransCanada a permit for the Keystone XL pipeline

On Friday, the U.S. President Barack Obama said in his speech at the White House that the U.S. denied TransCanada a permit for the Keystone XL pipeline. The decision was said to serve the best national interests of the U.S. and was based on a number of key findings.

Firstly, the proposed project had an insignificant impact on the country’s energy security. Secondly, it would not result in lower gas prices for the U.S. consumers nor would it significantly contribute to the domestic economy. It was unlikely to have a meaningful effect on the level of crude extraction or the continued demand for heavy crude oil at refineries in the U.S.

Most importantly, the project went against the U.S. efforts to fight climate change. It would have a negative impact on local communities, water supplies and cultural heritage sites, and would facilitate the transportation of one of the dirtiest sources of fuel into the U.S. Development of renewable energy is America’s priority as it is not just the solution to climate change but also one of the greatest economic opportunities ever.

Next month, world leaders from about 190 countries will meet in Paris to discuss global action on climate change.

Breaking the News / AM