Thursday, January 19, 2012

Obama throws a Wrench into the Bakken


WASHINGTON (Reuters) - The Obama administration on Wednesday rejected the Keystone crude oil pipeline project, a decision welcomed by environmental groups but blasted by the domestic energy industry.
U.S. President Barack Obama said TransCanada's application for the 1,700-mile (2,740-km) pipeline was denied because the State Department did not have enough time to complete the review process.
"This announcement is not a judgment on the merits of the pipeline, but the arbitrary nature of a deadline that prevented the State Department from gathering the information necessary to approve the project and protect the American people," Obama said in a statement.
With environmental groups concerned about carbon emissions from oil sands production, the administration in November delayed a decision on a presidential permit for the project until 2013.
But lawmakers that support the project attached a measure to a tax-cut law passed at the end of last year that set a February deadline for a decision.

Well, talk about future unknowns for investing, politics does certainly does move in unpredictable ways.

Canada as a stable supplier of energy requirements, and USA decides to shoot itself in the foot?

Longer term, the Goombarh thinks this will be sorted out, but presently, this just puts the fire out in the Bakken.

M. Goombarh

No comments:

Post a Comment