State Dept. to Reject Keystone Pipeline Project

Originally published at Fox Business. The Obama Administration is expected to reject the controversial Keystone XL pipeline project on Wednesday, scuttling a key energy initiative that would have created an influx of badly-needed U.S. jobs, but also riled environmentalists. The news, which was first reported by FOX News Channel, sparked a fierce response from Republicans and proponents of the project. It also triggered a selloff in shares of Calgary-based TransCanada (TRP: 42.36, +0.21, +0.50%), which was poised to build the crude oil pipeline from Canada to Texas. After slumping to as low as $39.74, TransCanada was recently down 2.01% at $40.90. According to Reuters, TransCanada could reapply to build the conduit because the expected rejection doesn't predetermine future applications. Continue reading this article here.