Breaking! President Obama Will Veto Keystone XL! (VIDEO)

In the clearest language yet from the White House, press secretary Josh Earnest stated President Obama would veto legislation approving the Keystone XL Pipeline.

“If this bill passes this Congress the president won’t sign it.”

The looming threat of passage stems from the 114th Congress, which has the largest Republican majority in more than 80 years.

One of the priority bills on the Republican syllabus is the Keystone XL Pipeline.

Democrats have been pulling out all the stops to ensure the Keystone XL Pipeline remains nothing more than a pipe dream.

On Tuesday, the Senate Energy & Natural Resource cancelled their Wednesday meeting concerning the pipeline, after Democrats objected to procedural moves that would have set the committee up early.

President Obama has signaled a number of times his opposition to the Keystone XL Pipeline as it currently stands.

The White House is waiting for a State Department review of a lawsuit in Nebraska, which is attempting to block the development of the pipeline in their state.

That decision is not expected to come down for several more weeks, or even months.

There is another issue facing the Keystone XL pipeline that may scuttle the entire project altogether.

With the falling oil prices, the financial feasibility may no longer make sense.

From Yahoo News,

Meanwhile, oil prices are plunging, with Saudi Arabia clearly taking aim directly at Canada’s oil sands projects as one of the chief threats to its global market dominance. The so-called sour crude that the Saudis are selling to the U.S., doesn’t compete head-to-head with the light, sweet crude oil produced in Texas and Oklahoma. Rather, Saudi Arabia has taken aim at making Canadian oil sands output too costly in the American marketplace. That’s why Saudi Arabia has initiated a price war, slashing prices to the U.S. and pressing OPEC to keep production at its current levels.

To the extent that shippers now would have to cover higher pipeline construction costs as well, that is going to make the Keystone project an increasingly unattractive venture from a purely economic perspective. Alberta oil sands producers — already operating the world’s costliest wells — are bracing themselves for a drop in cash flow and earnings and may be preparing to cut their capital spending plans.

It seems that, despite aggressive efforts by Republicans, the Keystone XL Pipeline may be dead before it even starts. As a last line of defense, it is good to know that President Obama has the American public’s best interests in hand.

Watch the video below


H/T: The Hill | Featured Image:EcoWatch

Terms of Service

Leave a Reply