Obama Says Keystone XL Wouldn't Serve U.S. Interests

By MarketWatch Pulse

President Barack Obama said Friday his administration is rejecting the proposed Keystone XL pipeline application from TransCanada Corp. because it wouldn't have served U.S. interests. Speaking at the White House, Obama said the project wasn't a "silver bullet" for job creation and it wouldn't have boosted U.S. energy security. Energy prices have dropped even as carbon pollution also is falling, Obama said. The company applied for permission to build the pipeline in 2008. Earlier this week, the State Department rejected a request from the company for a delay of its permit review. The proposed project linked Canada's oil sands to Steele City, Neb. From there it was intended to connect with existing pipelines to U.S. Gulf Coast refineries.

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