U.S. President Barack Obama has rejected TransCanada’s application to build the Keystone XL pipeline. Speaking at the White House earlier today, Obama said the proposed pipeline from Hardisty, Alberta to refineries in Illinois and Texas would not make a meaningful long-term contribution to the U.S. economy.
He has also let Prime Minister Justin Trudeau know about the decision. Despite that, TransCanada’s president and CEO believes the pipeline will eventually be built. It’s expected the decision will be challenged in court.