TransCanada Corp. said Monday it plans to begin building a major portion of the Keystone XL oil sands pipeline despite the Obama administration’s decision to reject a key permit for the project.
The company told the State Department in a letter Monday that it will begin construction of a section of the pipeline that runs from Cushing, Okla., to refineries on the Gulf Coast. The stand-alone portion of the project, which TransCanada dubbed the Gulf Coast Project, will cost $2.3 billion and will be completed in mid-to-late 2013, according to the company. The project must still receive other regulatory approvals.
Separately, TransCanada said it would reapply “in the near future” for a permit that would allow the Keystone XL pipeline to cross from Alberta, Canada, into the United States.
The headline on Marketwatch: White House backs Keystone XL southern pipeline.
That’s a good news story for Obama, especially since Rick, Romney and the Republicans are trying their best to make something of gas prices, which never works out like people expect.