Opponents of Keystone XL encouraged by oil’s decline
Bloomberg has a story on how environmentalists and other opponents of the proposed Keystone XL pipeline have new momentum because oil has now dropped to around $80 a barrel. When the Canada-to-Gulf of Mexico pipeline was first floated in 2008, oil prices were around $100 a barrel.
“At $75, a government analysis said producers may be discouraged from developing Canada’s oil sands without pipelines like Keystone.”
The pipeline remains a contentious issue, and the U.S. government has repeatedly delayed action. Opponents are hoping that if Republicans take control of the Senate in next month’s elections, the two-month window between Election Day and the swearing-in of the next Congress will allow them a final chance to kill the project.
There’s also the issue of whether the pipeline will be good, bad or indifferent for consumers.