Eastbound or Down

Although the term ‘energy independence’ has significantly receded from US policy vernacular since the advent of shale oil and gas, recent geopolitical developments in Iraq and the Ukraine lend support to arguments made by Keystone XL proponents. Energy independence was a key platform item for President Obama in his first campaign, and perceived or real environmental concerns aside, it seems somewhat hypocritical that crude oil, which is essentially on the US’s doorstep, would not be welcomed with open arms. This week, a Senate panel passed a bill that could permit the Senate to circumvent President Obama on the approval of the project. But, not so fast! The Senate majority leader, Harry Reid, still seemingly stands between the pipeline and its people. Since this decision, it could be argued that the prognosis for Keystone XL’s approval has improved, but even without this particular pipeline Canadian crude oil is and will continue to find its way to (and even out of) the US Gulf. Download here