If you believe that Obama has the best interest of the US citizens and our economy at heart, think again. This is just another example in a long list of destructive decisions that are dooming our economy. I guess the fictitious “global warming” will not be affected as much if the oil is burned in China rather than in the USA. Where is that energy separation from the Arab world that we have been searching for? It certainly isn’t coming from increased domestic production since Obama has also put the breaks on its development.
Not to mention the loss of jobs.
Excerpt: TORONTO — Canada has stepped up its lobbying after the Obama administration delayed a decision on an oil pipeline critical to the country’s economic future.
Canada’s prime minister said he made it clear in a weekend meeting with U.S. President Barack Obama that Canada will step up its efforts to sell oil to Asia since the Obama administration delayed a decision on the proposed Keystone XL pipeline.
Meanwhile, Alberta Premier Alison Redford, the leader of the Canadian province that has the world’s third-largest reserves of oil, visited Washington on Monday and said she’ll meet with U.S. Speaker of the House John Boehner and other officials to discuss the pipeline’s future.
Last week, the U.S. State Department ordered that the pipeline be rerouted and subject to further environmental review, delaying a decision until 2013.
Canadian Prime Minister Stephen Harper, who met Obama on the sidelines of the APEC summit, said Canada will continue to push the U.S. to approve TransCanada’s $7 billion Keystone XL project to the U.S. Gulf Coast.
The pipeline is critical to Canada which must have pipelines in place to export its growing oil sands production from northern Alberta, which has more than 170 billion barrels of proven reserves. Daily production of 1.5 million barrels from the oil sands is expected to increase to 3.7 million in 2025. Only Saudi Arabia and Venezuela have more reserves.
The Obama administration’s announcement to put off a decision went over badly in Canada where it is being viewed as a signal that the country must diversify its oil exports away from the United States and toward Asia.
Read full Washington Post article here.