Just a few weeks ago, a rapid decline in oil prices spurred critics of the Keystone XL pipeline and even the Environmental Protection Agency to argue that approval of the project would worsen greenhouse gas emissions.
But now, oil prices are rising again thanks to turbulence in oil-producing nations and a union strike in the U.S., turning the tables on such criticism and highlighting how quickly the market can affect pipeline politics.
The Gulf Coast line – the southern leg of the Keystone pipeline system – becoming operational helped pipeline operator TransCanada to a bigger profit in the fourth quarter, beating analysts’ expectations, and leading the company to declare an 8 percent increase in its dividend, the Financial Post reports.
TransCanada will reveal a proposal to build the Upland Pipeline, a new 200-mile line to link up with North Dakota’s Bakken Shale, when it reports earnings Friday, a project which will need U.S. government approval, a person with information about the plan told The Wall Street Journal.
OMAHA, Neb. (AP) — TransCanada Corp. will temporarily suspend efforts to seize Nebraska land for its much-delayed Keystone XL oil pipeline after landowners sued, in what is one obstacle the Canadian company still faces in the 1,179-mile project.
A Holt County District judge issued a temporary injunction Thursday, keeping TransCanada from invoking eminent domain along the proposed Keystone XL route in northern Nebraska while a lawsuit by landowners in that county plays out. TransCanada agreed to the order, hoping to get an accelerated trial schedule so that it can quickly resolve the legal disputes.
The White House did not offer any public response Wednesday to final passage of the Keystone XL pipeline approval bill, but an aide said President Barack Obama isn't rethinking his opposition to the measure.
"As we have made clear, the president will veto this bill," said an aide on condition of anonymity.
The bill passed the House late Wednesday, 270-152, clearing it to be sent in the coming days to Obama's desk. His advisers have said he will veto it because it intrudes on the presidential cross-border permit process, which continues at the State Department.
TransCanada officials and Canada's top diplomat to the U.S. on Wednesday each challenged new greenhouse gas concerns surrounding the Keystone XL oil sands pipeline, which were raised last week by the Environmental Protection Agency in comments to the State Department.
TransCanada's president Russ Girling filed a letter with the department questioning EPA's assertion that low oil prices should prompt a fresh estimate of the line's impact on oil sands carbon emissions -- which could further delay a final decision on the project.
Separately, the government of Prime Minister Stephen Harper made public its objections to EPA's stance via a letter to Secretary of State John Kerry from Canada's U.S. ambassador Gary Doer.
"One is left with the conclusion that there has been significant distortion and omission to arrive at EPA's conclusions," Doer wrote in the letter, dated Monday.
The showdown over the Keystone XL oil pipeline between Republicans in Congress and President Barack Obama sees its next act unfold this week.
The GOP-led House plans on Wednesday to pass and send to his desk a bill approved by the Senate to authorize the $8 billion line from Canada, according to a schedule issued late Friday by House Majority Leader Kevin McCarthy, R-Calif.
As the approval process for the Keystone XL pipeline continues to drag on, project owner TransCanada will likely start moving oil by rail, CEO Russ Girling said in Toronto Wednesday, the Financial Post reports.
Opponents of the Keystone XL pipeline on Tuesday ramped up their calls for President Barack Obama to reject the $8 billion project, based on new Environmental Protection Agency criticism of the State Department's review of the line's contributions to climate change.
EPA said in comments published Tuesday on the department's final supplemental environmental impact statement that the crash in oil prices should prompt officials to revisit its conclusion that the project won't directly spur carbon-intensive Canadian oil sands crude.
After last month’s pipeline leak near Santa Barbara, Calif., the Pipeline and Hazardous Materials Safety Administration is proposing a requirement that operators notify regulators within an hour of any problem, The Hill reports.
Oklahoma has filed a new lawsuit challenging the Environmental Protection Agency’s proposed limits on power plant carbon emissions even though several earlier legal actions have been dismissed by the courts, The Hill reports.
Traders reported a surge in activity around renewable identification numbers for biomass-based biodiesel, after the Energy Information Administration reported a jump in production to 108 million gallons in April, Platts reports.
Oil prices recovered slightly early Thursday after a steep drop the day before that was prompted by news of production and supply gains. U.S. benchmark crude inched 6 cents higher to $57.02 a barrel in electronic trading on the Nymex, while in London Brent rose 29 cents to $62.30, Reuters reported.
As part of its efforts to improve cash flow during the oil slump, Houston-based offshore operator Energy XXI has sold a rich field near the mouth of the Mississippi River to a private buyer for $21 million, FuelFix reports.
Westar Energy has agreed to refund $10 million to customers and cut its future rates by $8 million a year to settle a complaint that the Kansas Corporation Commission filed with the Federal Energy Regulatory Commission, The Topeka Capital-Journal reports.
With David Koch in the audience at the Aspen Ideas Festival, climate activist Tom Steyer said he didn’t see differences with the conservative businessman “as an ideological issue,” and that the market could resolve environmental and climate concerns, National Journal reports.
Cuba’s economy may benefit from new U.S investments, but some are concerned about what the changes might mean for the country’s mangrove forests, coral reefs and other environmental assets, The New York Times reports.