World

Obama Drops Canada’s Oil Keystone Pipeline Plan

On Wednesday, president Barack Obama came forward to deny a permit to build Canada’s oil Keystone XL pipeline plan on account of environmental hazards. Analysts say that Obama’s decision now sets apart the winners from the losers and might hinder his chances at a second bid for the presidency.

According to TransCanada’s proposal, the Keystone XL pipeline would be 1,700 mile long and transport oil from Alberta, Canada to the Texas Gulf Coast. TransCanada was planning to carry about 700,000 barrels of crude a day, across six U.S. states.

President Barack Obama, backed by labor groups including the United Steel Workers, the United Auto Workers and the Service Employees International Union along with environmental advocates, dismissed TransCanada’s proposal saying that the Republicans forced the administration to take a decision on the project in two months.

“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” said the president. Obama also added: “I’m disappointed that Republicans in Congress forced this decision, but it does not change my administration’s commitment to American-made energy that creates jobs and reduces our dependence on oil”.

Business Week writes that “Obama’s rejection of TransCanada Corp.’s Keystone XL pipeline permit exposed a split in a core Democratic constituency and handed Republicans a new line of election-year attack”. And there’s really no wonder why.

For this year’s presidential elections, the economy carries a huge significance and analysts expect the candidate with the best measures to boost economy to win. This means that Obama needs to revise his game, since his last decision, as good as it might be for environment, it takes down a lot of his chances for a second presidential bid.

The project was estimated  to create about 20,000 jobs in the United States alone. Based on that, a spokesman for House Speaker John Boehner told CBS that Obama’s decision threatens to “destroy tens of thousands of American jobs”. And that was just the beginning as Republicans will not waste this opportunity.

Republican Leader Eric Cantor accused the president of not abiding by his own words, stating: “The president has showed through his actions that those actions do not match that rhetoric”.

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