U.S. State Department to Allow Canadian Pipeline

NY Times reports that U.S. State Department approved the proposed 1,711-mile pipeline that would carry heavy oil from Canada across the Great Plains to terminals in Oklahoma and the Gulf Coast.

The market news is quoted as saying:

The State Department said in an environmental impact statement that the pipeline’s owner, Trans Canada, had reduced the risks of an accident to an acceptable level and that the benefits of importing oil from a friendly neighbor outweighed the potential costs.

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