China Buys Up Canadian Energy After Keystone Rebuke

WASHINGTON, July 24 (UPI) --
A U.S. lawmaker said he wanted to strip the presidential permit requirement from the Keystone XL pipeline to take politics out of the debate.

Canadian pipeline company TransCanada aims to build Keystone XL from oil fields in Canada to Steele City, Neb. There, it would connect to the existing Keystone oil pipeline that runs to a key trading hub in Cushing, Okla. The company is moving forward with construction of the associated Gulf Coast Project, which would extend to refineries along the southern U.S. coast.

U.S. Rep. Lee Terry, R-Neb., introduced a bill that would eliminate the presidential permit needed for construction of Keystone XL.

"We need consistency but more importantly, we need to take the politics out of the debate," he said in a statement.

A presidential permit is needed because Keystone XL would cross the U.S. border with Canada. The Gulf Coast Project runs exclusively through U.S. territory and received support from U.S. President Barack Obama.

The House Energy and Commerce Committee, in a statement, said more momentum was needed behind Keystone XL given the recent proposal by Chinese National Offshore Oil Corp. to acquire Canadian company Nexen Energy.

Canadian officials have expressed interest in sending their oil to China through pipelines that would reach the western coast.


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The past several months have seen the price of gold slump even as the Fed and other central banks have accelerated their massive expansion of paper money. Gold is off about 20% so far this year with silver down almost 30%. The old adage--“don’t fight the Fed”--particularly comes to mind now because the US equity markets have been setting new highs during this same period. All of these gains are nominal, you understand, but for terrified American policy makers and investors, nominal is just fine.

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