Oil and Gas

Bloomberg reported that TransCanada Corp.’s (NYSE:TRP) Keystone XL pipeline is making a stop at Nebraska’s Supreme Court.

Bloomberg reported that TransCanada Corp.’s (NYSE:TRP) Keystone XL pipeline is making a stop at Nebraska’s Supreme Court. Governor Dave Heineman is asking the judicial body to nix a trial judge’s decision to get rid of legislation that would have allowed the pipeline to run through Nebraska.

The court has the power to either delay the project “indefinitely” or push it on to President Barack Obama.

As quoted in the market news:

The president’s approval is required because the 1,179-mile (1,897 kilometer) conduit starts in Hardisty, Alberta, and crosses the U.S. border en route to a junction in Steele City, Nebraska.

Obama, who has cited environmental worries in withholding approval, further delayed a decision after the legislation was found to violate the state’s constitution. While a state high court ruling upholding that decision would add another obstacle to the project, a reversal may put Obama on the spot, forcing him to choose between union supporters who back the pipeline and environmentalists who don’t.

‘There’s a benefit to a delay that was precipitated by something beyond the administration’s control,’ said Christine Tezak, managing director of ClearView Energy Partners LLC in Washington.

Click here to read the full Bloomberg report.

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