President Obama (Warren Buffet) Rejects Keystone Pipeline

President Obama on Friday rejected the application to build the Keystone XL Pipeline, ending the seven-year saga over the controversial plan to transport oil sands from Canada to the Gulf Coast. The State Department decided that the Keystone XL pipeline would not serve the national interest of the United States.  President Obama agreed with that decision.

The president believes the pipeline would not do enough to create jobs, would damage American energy security, would undercut the country’s leadership on preventing climate change and would not make a meaningful, long-term contribution to our economy.

Traditional environmental groups might be celebrating a supposed victory, but we suspect that the WARREN BUFFETT EFFECT had a lot to do with this decision.

All three of the Democratic candidates for president opposed the project. Though former Secretary of State Hillary Clinton held off on publicizing her opinion until September, Sen. Bernie Sanders (I-Vt.) and former Maryland Gov. Martin O’Malley have long opposed it. The Republican candidates overwhelmingly favor Keystone.  (The Hill, 11/6/2015)