Keystone XL oil pipeline to be defeated: is Enbridge next?

It's a sour day for big oil. The Obama administration is set to reject the Keystone XL crude oil pipeline, according to news reports.

Washington Post reporter Juliet Eilperin reported Obama's plan on the oil pipeline and tweeted:

 

The Obama administration will likely make its announcement on TransCanada's Keystone XL pipeline late on Wednesday or Thursday, according to Reuters. 

This comes after Canadian Prime Minister Stephen Harper's recent statement in support of the pipeline. While commenting on his concerns about Iran, Harper said it was "obvious what the right decision is (on the Keystone XL pipeline)", noting that the proposed pipeline would help North America's energy security and economy. 

TransCanada's proposed 1,700-mile pipeline has been strongly contested by environmental advocates in the U.S. and Canada. 

Although the pipeline looks to be rejected, the Obama administration may allow TransCanada to propose an alternate route for the pipeline. 

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