President Obama announced on Friday that he had blocked the construction of the Keystone Pipeline.”America is now a global leader when it comes to taking serious action to fight climate change, and frankly, approving this project would have undercut that leadership,” Obama said.
The battle over the construction has been going on for about 7 years. On one side are large oil companies and Republicans, and the other side, environmental activists and Democrats.
Environmentalists claimed the cost would outweigh any potential economic benefits. Studies have shown that there may be few long-term economic benefits. TransCanada, the company behind the project, and Republicans said that the pipeline would have benefitted the economy and helped America’s energy standing.
“If we want to protect the worst effects of climate change before it’s too late, the time to act is now,” the President said.
“Today’s decision deals a damaging blow to jobs, the economy and the environment on both sides of the border,” said TransCanada CEO Russ Girling
“The pipeline would not have lowered gas prices for American consumers,” said Obama.