The president vetoed legislation to allow the construction of the Keystone XL pipeline today
The White House announced today that President Obama vetoed legislation regarding TransCanada’s (ticker: TRP) Keystone XL pipeline. In his message to the Senate, the president said that the legislation “attempts to circumvent longstanding and proven processes for determining whether or not building and operating a cross-border pipeline serves the national interest.”
The bill passed the House 270 to 152 and the Senate 62 to36 – short of the two-thirds necessary to override a presidential veto. This marks the third time the president has vetoed legislation during his time in office, but the White House said that Obama retains the authority to make a final judgment on the pipeline on his own timeline, reports the New York Times.
The veto has not discouraged congressional Republicans who said that they will find a way to pass the legislation. “The president is sadly mistaken if he thinks vetoing this bill will end this fight,” said Senate Majority Leader Mitch McConnell and House Speaker John Boehner in a USA Today op-ed. Republicans have said that they will attach Keystone legislation to other bills in an attempt to either force the president to pass the legislation or earn enough votes to override the veto.
Important disclosures: The information provided herein is believed to be reliable; however, EnerCom, Inc. makes no representation or warranty as to its completeness or accuracy. EnerCom’s conclusions are based upon information gathered from sources deemed to be reliable. This note is not intended as an offer or solicitation for the purchase or sale of any security or financial instrument of any company mentioned in this note. This note was prepared for general circulation and does not provide investment recommendations specific to individual investors. All readers of the note must make their own investment decisions based upon their specific investment objectives and financial situation utilizing their own financial advisors as they deem necessary. Investors should consider a company’s entire financial and operational structure in making any investment decisions. Past performance of any company discussed in this note should not be taken as an indication or guarantee of future results. EnerCom is a multi-disciplined management consulting services firm that regularly intends to seek business, or currently may be undertaking business, with companies covered on Oil & Gas 360®, and thereby seeks to receive compensation from these companies for its services. In addition, EnerCom, or its principals or employees, may have an economic interest in any of these companies. As a result, readers of EnerCom’s Oil & Gas 360® should be aware that the firm may have a conflict of interest that could affect the objectivity of this note. The company or companies covered in this note did not review the note prior to publication.