Keystone Pipe Outlook No Rosier After Senate Vote: report
Senate Republicans claimed victory on Saturday for a bill that may force President Barack Obama to make a speedier decision on a Canada to Texas oil pipeline, but a White House official indicated quick approval of the project is not likely, Reuters reported Saturday.
Transcanada closed Friday at $43.75, up 65 cents or 1.51%, close to a year high $44.10.
According to the Reuters report, the two-month payroll tax break extension bill passed by the Senate on Saturday included language that would make Obama decide within 60 days whether TransCanada Corp's 700,000 barrel-a-day Keystone XL oil sands pipeline is in the country's national interest.
But the U.S. State Department, which must approve the cross-border project, has said it will not be rushed into a decision before it has time to consider the environmental impact of alternative routes. That could leave Obama room to approve the project in principle but still keep construction at bay.
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