KXL pipeline update: 2 February 2015

President Obama vowed late last week to veto the Keystone XL pipeline approval bill after the Senate green lighted the project but fell five votes short of a veto proof majority.

It is unclear if the House will pass the Senate’s version of the bill or merge two versions of the bill and send it back to both chambers for another vote.

The House has passed similar bills approving the 800 000 bpd pipeline nine times.

The bill is expected to land on the President’s desk as soon as next week.

The US$8 billion pipeline, operated by Calgary-based TransCanada, has been mired in regulatory red tape for the last six years.

President Obama has vowed to veto any attempt to force approval of the long-delayed project that has soured Canada-US relations since Prime Minister Stephen Harper called Keystone XL a “no-brainer” of a decision.

Significantly, the Senate vote – with 62-36 backing Keystone XL – fell well short of the 67 votes needed to override a presidential veto.

Republicans have already threatened to try again if this renewed push for approval fails.

TransCanada, the Canadian government and the oil industry hailed the Senate’s vote last Thursday.

Edited from various sources by Elizabeth Corner

Sources: Petro Global NewsThe Globe and Mail

Published on 02/02/2015

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