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Wednesday, March 21, 2012

Obama Now Scrambles To Approve Transcanada Pipeline... Or At Least Half Of It; Environmentalists Furious

With the surge in gas prices, Obama is reversing his decision on the Transcanada Pipeline because he doesn't want to be blamed for high gas prices in an election year. The pipeline won't affect the price of gas but that's what the Republicans are screaming. I have my own issues with the pipeline, specifically, the fact that eminent domain will be used to seize private property for private profits. Destroying property rights for the pipeline makes no sense and multiple lawsuits have been filed on the property rights issue. Of course, Obama and Gang could care less about the protection of property rights.
What a difference two months of record high gas prices make. After Obama unceremoniously killed the Keystone XL pipeline proposal in January, and has since seen his popularity rating slide in inverse proportion to the surge in gas prices, which as noted yesterday have now passed $4 (still quite a bit better than Europe's $9.81 average/gallon), he is now actively seeking to fast-track its approval. Or at least half of it. Per Reuters: "President Barack Obama will issue a memo on Thursday directing federal agencies to prioritize permitting of TransCanada's southern leg of the Keystone oil pipeline, a senior White House official said on Wednesday. With his Republican opponents hammering away at the president over high gasoline prices, Obama will visit Cushing, Oklahoma on Thursday to promote his energy policies, which include support for the southern leg of the pipeline."
Read the rest here
Zero Hedge 

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