TransCanada Corporation says it will review all options, including seeking a new permit to ship crude oil from Canada to the United States.
This, after US President Barack Obama ended a seven year delayed decision on construction of the Keystone XL pipeline at the end of last week.
The announcement was perfectly timed by the President to allow him to claim aggressive action on the environment, potentially strengthening his hand at the United Nations Climate Change Conference in Paris, beginning three weeks from today.
Arguably, with his overhaul of the US health system facing life support economic and implementation challenges — and his foreign policy — particularly when it comes to Islamic Terrorism and Russian aggression, under heavy free world criticism Mr. Obama now appears determined to harpoon a major global climate change pact as the hallmark of his Presidential legacy.
In making the pipeline announcement on Friday, Mr. Obama took a not so veiled swipe at the former Canadian Conservative government, arguing Keystone has had an overly inflated political discourse role between the two countries, and left little doubt where he stood on the outcome of last month’s Canadian federal election.
For his part, Prime Minister Trudeau, while publicly voicing disappointment with the US decision, said he looked forward to a “fresh start” with President Obama.
Meantime, it seems likely the Obama rejection will not likely be the last word on the project, and not just because he’s little more than a year away from being replaced as President.
It seems almost certain that Keystone XL would get a fresh look from a Republican President, but it’s also anticipated the pipeline’s backers will challenge the President’s decision in court.
In addition, TransCanada has already spent over $2 billion on the project’s development, and hasn’t ruled out suing the US government under NAFTA.