Trump plans to overturn Obama ban on Dakota oil pipeline

Shutterstock photo

Investing.com -

Investing.com - President-elect Donald Trump is continuing with his new industrial policy to save and retain U.S. jobs -- and it is still more than a month before he takes the oath of office in Washington D.C. Immediately after the Obama administration stopped the progress of a prominent midwestern oil pipeline, by refusing to issue a new permit for the rest of the route, a spokesman for Trump's transition team said the incoming administration supports completing the project.

"With regard to the Dakota Access Pipeline, that's something that we support construction of and we'll review the full situation when we're in the White House and make the appropriate determination at that time," said Jason Miller, a spokesman for the president-elect, in New York City, at Trump Tower.

Out-of-state environmental activists broke out into public cheers during a rally after the U.S. Department of the Army, staffed by President Obama's progressive team, said the department wouldn't grant an easement required by Dallas-based Energy Transfer Partners LP (NYSE:ETP) to proceed through the Missouri River reservoir, the final 1,100-foot link yet to be built in the nearly 1,200-mile pipeline.

The Army statement said that alternate routes would be considered and a complete environmental study of the project should be conducted.

The statement Monday by the Trump transition team, however, demonstrated that decision would not hold any power after the new administration takes over in the coming weeks. The new oil pipeline is expected to generate 500,000 new barrels of oil per day.

Trump last week intervened in a threatened move overseas of a unit of United Technologies Corp. (NYSE:UTX). and in the weeks before that prevented Ford Motor Co . (NYSE:F) from shuttering a plant in Kentucky and moving 1,000 jobs to Mexico. The move caused hackles at the editorial page of The Wall Street Journal, by zealous free market intellectuals, but generated approval from the "average Joe" workers whose blue collar jobs were saved by the policy pronouncement.

The moves signal an industrial policy somewhat reminiscent of the Reagan era or the JFK era, when the U.S. goverment preached free trade, within American borders, and took an overall deregulatory approach. But was somewhat protectionist against foreign encroachments on U.S. markets which were not reciprocated by trading partners, and which harmed the "little guy," the American working man. Obama's policies have been viewed by market analysts as highly regulatory at home, especially of "green energy" issues and the energy industry in general, but laissez faire, free market with respect to foreign moves by publicly traded manufacturing corporations based in the U.S. Obama had told a worker last summer, whose job at UTC was being eliminated, that he should "get retrained in the clean power industry."

Investing.com offers an extensive set of professional tools for the financial markets.
Read more News on Investing.com and download the new Investing.com apps for Android and iOS! http://glocdn.investing.com/news/LYNXMPEA67064_M.jpg

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: Investing , Forex

More from Investing.com




Forex, Equities

Research Brokers before you trade

Want to trade FX?