Is the Keystone XL Pipeline Project Now Irrelevant?
Rebecca Leber argues that the push to approve the Keystone XL pipeline project comes at time when it has become irrelevant.
“Since it was first proposed, the economics surrounding it have changed, with oil prices falling sharply, and the oil industry has pursued other options for oil transportation, including other pipeline projects and railroad shipments. Harold Hamm, an oil billionaire and CEO of Continental Resources, recently told Politico the debate is no longer relevant. ‘We’re supporting other pipelines out there, we’re not waiting on Keystone,’ he said. ‘Nobody is.’ Bloomberg News quoted several energy consultants that said the same. TransCanada’s CEO, however, continues to make the case that its pipeline will be necessary.’”