U.S. President Obama kept his word.
The Washington Post broke the news this morning that the White House will axe TransCanada's embattled Keystone pipeline plan as early as this afternoon.
Last month, amid the Congressional shuffle around extending the payroll tax holiday for American workers, Congress inserted a provision in the bill forced President Obama to make a firm decision on the pipeline permit by Feb. 21.
Late last year, the White House released a statement saying the president wanted to delay the decision until after the federal election in November, which would afford enough time to study the pipeline's route through sensitive environments in Nebaska. Today's announcement will most likely have that intended effect.
While this is a heavy blow, all is not lost for TransCanada. The company can reapply for the necessary permit once it develops an alternate route around Nebraska's Sandhills.
The Keystone XL pipeline is a proposed project that would transport crude oil from Alberta's oilsands across six states to refineries in Texas.
