Obama Administration Denies Keystone XL Oil Pipeline

Bloomberg reported that President Barack Obama denied TransCanada Corp. (NYSE:TRP) Keystone XL oil pipeline permit.

As quoted in the market news:

The decision by the State Department today was praised by environmentalists, who said the pipeline would add to U.S. greenhouse-gas emissions, and was decried by the U.S. oil and gas industry and Republican lawmakers, who had pushed President Barack Obama to approve the project as a way create jobs.

Click here to read the full Bloomberg report.