After seven long years, the White House has finally made it official. President Obama made a speech to the nation Friday morning explaining his decision to not move forward with the TransCanada Keystone pipeline. We are sure that the Government spent those seven years doing heavy due diligence on the process, since it was far quicker than the disastrous surge in Afghanistan, war in Libya, and our $100 million per moderate rebel program in Syria (just to name a few).
The truth is that no one expected the pipeline approved under the President’s current term. The only question was whether Obama would make a decision or leave it to the next president.
In his speech, cited the urgency of climate change as a primary reason behind his decision to reject the Keystone XL pipeline. He also noted that the pipeline has played an over-sized role in political discourse in the country.
It's no secret that this year has been a volatile one for the markets. The S&P 500 is down 18% year to date, while the Nasdaq Composite is off by 27% year to date. Meanwhile, the VIX, a key measure of volatility, is up 49% year to date at 24.72. However, it has spiked as Read More
Obama has focused on environmental issues during his second term, and had already noted misgivings about the pipeline as he pursued his environmental agenda to fight climate change. The president repeated the claims of critics that the Keystone pipeline would lead to relatively few jobs, not lower gasoline prices, and worsen the global warming problem.