Grab up those shares in Chinese shipping companies, kids! The Canadian tar sands oil is officially headed overseas, as the President has officially rejected the Keystone XL pipeline proposal.
President Obama announced Friday that he has rejected Canadian energy giant TransCanada's application to build the Keystone XL pipeline, saying that the pipeline was not in the U.S. national interest.
"The State Department has decided the Keystone XL pipeline would not serve the interests of the United States. I agree with that decision," Obama said at a White House press conference.
The announcement caps a 7-year saga that has become one of the biggest environmental flashpoints of Obama’s presidency. It comes just days after the State Department refused to agree to TransCanada’s request to suspend the review process on the controversial project, which has seen enormous opposition from environmental groups.