Keystone Won't Affect Oil Development, Demand: State Dept.

Law360, New York (March 1, 2013, 5:41 PM EST) -- The U.S. Department of State on Friday released the long-awaited draft review of TransCanada Corp.’s Keystone XL pipeline, concluding the controversial project would have a minimal impact on oil sands development and domestic oil demand.

“Approval or denial of any one crude oil transport project, including the proposed project, remains unlikely to significantly impact the rate of extraction in the oil sands, or the continued demand for heavy crude oil at refineries in the U.S.,” the State Department said in the report.

The pipeline, which would...
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