Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

First job for new Republican Senate is Keystone XL: McConnell

Published 12/17/2014, 08:10 AM
Updated 12/17/2014, 08:10 AM
© Reuters. Incoming U.S. Senate Majority Leader Mitch McConnell  (R-KY) walks on Capitol Hill

WASHINGTON (Reuters) - The new Republican-controlled Senate's first act in January will be approval of the Keystone XL pipeline, Republican leader Mitch McConnell said on Tuesday.

McConnell told reporters that the bill would be based on a measure that failed in the Senate last month that was co-sponsored by North Dakota Republican John Hoeven and Louisiana Democrat Mary Landrieu.

"It'll be open for amendment," McConnell said. "I will hope that senators on both sides will offer energy-related amendments but there'll be no effort to try to micromanage the amendment process."

Landrieu pushed for a Keystone vote in November in a last-ditch effort to persuade voters in energy-rich Louisiana to re-elect her to a fourth term.

But her gambit fell just one vote short of Senate passage despite winning significant support from Democrats. Landrieu was solidly defeated in a Dec. 6 runoff election by Republican Representative Bill Cassidy, setting the Senate's final post-election split at 54 Republicans to 46 Democrats.

But even with Senate control, Republicans still may find it difficult to win the 67 votes needed to override a veto from President Barack Obama.

Obama had been widely expected to veto the November measure forcing approval of TransCanada Corp's project, which would connect Canada's oil sands to U.S. Gulf Coast refineries. A Nebraska court will soon rule on whether the state's governor had the right to push through the pipeline's route through the state, and Obama has questioned whether the project would do anything to lower fuel prices in the United States or simply facilitate petroleum exports.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Construction workers, unions and energy companies say the pipeline, which would transport more than 800,000 barrels of oil a day from Alberta through Nebraska en route to the Gulf of Mexico, would create thousands of jobs.

But the project has galvanized environmentalists who say developing Canada's oil sands would spike carbon emissions linked to climate change and that much of the oil or refined products would be sold abroad.

(Reporting By David Lawder; Editing by Grant McCool)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.