|Keystone XL Pipeline Map, Linked to source at WashingtonPost.com|
(From the Motley Fool)
The TransCanada (NYSE: TRP) Keystone XL pipeline project is a proposed 1,700-mile pipeline that would transport 830,000 barrels of oil from one of the largest oil reserves in the world in Alberta to the one of the world’s largest refining center in the Gulf Coast.
On Thursday the US Senate narrowly defeated an amendment that would have allowed the project to move forward. President Obama has personally taken action to stop the progression of the pipeline due to environmental concerns. The measure, which received 56 votes in favor, failed because Senate rules require 60 votes to include the amendment. Sen. John Hoeven (R., N.D.), whose state stands to benefit greatly from the pipeline, is at the helm of the cause for Republicans, and has vowed to keep the issue alive.
In January, Congress attempted and failed to attach the pipeline to a payroll tax bill. Instead an assessment was requested by the State Department (and President Obama) for alternate pipeline routes that avoid the Sandhills of Nebraska. The Sandhills are nearly 20,000 square miles of unbroken prairie with hundreds of transient lakes, with a very high water table running through it (Ogallala Aquifer). The potential for oil leaks along the pipeline into the water table have raised environmental concerns by the Obama Administration.
TransCanada has agreed to reroute the pipeline likely farther east, nearer an existing Keystone pipeline that already carries Canadian tar sands oil into the US. The company expects to announce the path of the reroute when they apply for a new permit in the fall.
See the rest of the article at Keystone XL Pipeline- who benefits? Who doesn't?