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Keystone pipeline

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TransCanada said it would initiate building a segment from the storage hub of Cushing, Okla., to Gulf Coast refineries in Texas, referring the need to ease an ongoing supply surplus at Cushing. TransCanada Corp would do it by providing an outlet for the Canadian crude oil to get to the Gulf.

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The Obama Administration on Wednesday rejected plans for Keystone pipeline, a massive oil pipeline project, blaming that authorized deadlines forced on Obama administration by the Republicans left very little time to allow a fair review. Energy magazines fear that the Obama Administrations decision of denying permits to Keystone pipeline will ruin a key energy initiative, which would actually have created a flood of badly-needed U.S. jobs.

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