(NBC News) President Obama has rejected the proposed Keystone XL Pipeline.
The transcontinental pipeline would have moved crude oil from Canada’s tar sand fields to refineries along the Gulf of Mexico.
“First, the pipeline would not make a meaningful long term contribution to our economy. So if Congress is serious about wanting to create jobs this was not the way to do it,” the president said. “Second, the pipeline would not lower gas prices for American consumers. In fact gas prices have already been falling, steadily.”
Mr. Obama also pointed out the potential environmental impact of the project.
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