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Despite TransCanada's Recent Pipeline Leak, Nebraska OK's Keystone XL Expansion

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Despite TransCanada's Recent Pipeline Leak, Nebraska OK's Keystone XL Expansion

TransCanada Corporation (USA) (NYSE: TRP) spiked 2 percent intraday Monday after Nebraska’s Public Service Commission approved the extension of the Keystone XL crude oil pipeline.

The victory comes just days after a 5,000-barrel leak forced the closure of TransCanada’s controversial Keystone pipeline in South Dakota, which drew national protests last year in support of the Standing Rock Sioux tribe. The $3.7 billion Dakota Access Pipeline project advanced with President Donald Trump’s approval.

In spite of his predecessor’s 2015 veto, Trump also approved the Keystone XL pipeline in March on the State Department’s recommendation. Nebraska’s decision removes one of the final barriers delaying construction since its 2008 inception, but some expect a legal challenge to the $8 billion, 1,179-mile project.

The Canadian company has encountered opposition from local landowners and environmentalists, something that's expected to persist despite the latest state approval.

Related Links:
The Next Steps For TransCanada After Trump's Keystone XL Order
Keystone Pipeline Will Create Thousands Of Jobs, But How Many Will Be Permanent?

Posted-In: Keystone Pipeline Standing Rock TransCanadaNews Politics Top Stories General Best of Benzinga

 

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