Obama vows to speed up pipeline building
Stephen Foley is a former Associate Business Editor of The Independent, based in New York. He left in August 2012. In a decade at the paper, he covered personal finance, the UK stock market and the pharmaceuticals industry, and had also been the Business section's share tipster. Between arriving with three suitcases in Manhattan in January 2006 and his departure, he witnessed and reported on a great economic boom turning spectacularly to bust. In March 2009, he was named Business and Finance Journalist of the Year at the British Press Awards.
Friday 23 March 2012
The political row over the stalled Keystone XL oil pipeline from Canada to the US escalated yesterday, when presidential plaudits for part of the project served only to highlight how the White House has blocked full approval.
Stung by criticism that his failure to green light the full extent of the pipeline has contributed to rising fuel prices, Barack Obama promised to help speed up building of a link from the US oil trading hub at Cushing, Oklahoma, to refineries on the Gulf Coast. "I'm directing my administration to cut through the red tape, break through the bureaucratic hurdles and make this project a priority," he said at the TransCanada Stillwater pipe yard in Cushing.
It was not immediately clear if the president's words would actually help speed construction, however. This section of the project does not need White House approval and has not drawn the wrath of environmentalists, like the longer section stretching up into the Canadian oil sands region. The State Department has pushed back a decision on that longer stretch until after November's presidential election.
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