It looks like the Keystone XL pipeline won’t come as soon as we thought. Approval for the pipeline now looks like a long way off, according to Phillips 66’s CEO Greg Garland.
Asked whether he believed the Obama Administration would approve the last remaining section of the pipeline, which will transport crude oil from Alberta to the Gulf, Garland said, “No,” according to Biz Journals.
“I think even TransCanada has said they expect it to be delayed,” he added.
Indeed they did.
The most recent update from the State Department, which oversees the review process, also makes it clear we may be in for a long wait.
On April 22, the comment period on the Draft Supplemental Environmental Impact Statement closed.
After the comment period, the Department will make appropriate revisions and publish a Final SEIS. Next, the Department will seek the views of other agencies and then make a determination as to whether issuance of a Presidential Permit for the Keystone XL pipeline would serve the national interest. The national interest determination by the Department involves consideration of many factors, including energy security; environmental, cultural, and economic impacts; foreign policy; and compliance with relevant federal regulations.
The Department intends to provide an additional opportunity for the public to comment during the National Interest Determination (NID) period that will begin with the release the Final SEIS. This additional public comment period will provide a further opportunity for the public to provide input on this proposed project. The Department will provide the details on the NID comment period at a later date.
But it looks like there’s more at stake for the administration.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.