⭐ Start off 2025 with a powerful boost to your portfolio: January’s freshest AI-picked stocksUnlock stocks

U.S. Republicans plan quick move on Keystone in 2015: Sen. Hoeven

Published 11/05/2014, 12:06 PM
© Reuters Senator Hoeven participates in the Washington Ideas Forum at the Newseum in Washington

By Roberta Rampton

WASHINGTON (Reuters) - Republicans will quickly introduce stand-alone legislation in the first quarter of 2015 that would approve the Keystone XL crude oil pipeline from Canada, testing President Barack Obama's resolve on the project, Republican Senator John Hoeven said on Wednesday in an interview.

The move could bring end the long-standing limbo of TransCanada's $8 billion project, which has languished for more than six years in a series of studies, reviews and legal challenges.

"I think Keystone will be one of the first bills we'll be able to put up in the new Congress," said Hoeven, who is from the oil-rich state of North Dakota.

After Tuesday's elections, Republicans will have majorities in both houses of Congress starting in January.

"I've got a bill right now that's got about 56 co-sponsors," said Hoeven, who has fought for years in Congress to advance such a bill. "And with the election results, we'll have over 60 who clearly support the legislation."

Obama has expressed reservations about the environmental impact of the pipeline, which would carry as much as 830,000 barrels per day of Alberta oil sands crude to the U.S. Gulf Coast. He has said the project needs his approval because it crosses an international border.

Hoeven's bill would see Congress asserting its powers under the foreign commerce clause of the Constitution to approve the pipeline.

"In essence, it's making that decision congressionally, rather than presidentially," Hoeven said.

The Keystone bill still would need Obama's signature to become law. Hoeven said that will be a test to see whether Obama is willing to work with the new Congress.

© Reuters. Senator Hoeven participates in the Washington Ideas Forum at the Newseum in Washington

If Obama vetoes the bill, Republicans then would seek to attach it to must-pass legislation on other energy or appropriations issues, Hoeven said.

(Reporting by Roberta Rampton; Editing by Doina Chiacu and Bill Trott)

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.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.