President Donald Trump intends to take action today to advance construction of the Keystone XL and Dakota Access pipelines, according to a person familiar with the matter.
TransCanada Corp.’s Keystone pipeline was rejected under former President Barack Obama, and Energy Transfer Partners LP’s $3.8 billion Dakota Access project was stalled when the Obama administration halted work on in on land near Lake Oahe in North Dakota amid protests by Native American groups.
The moves, taken on Trump’s fourth full day in office, illustrate his plan to fulfill his campaign pledge to give the oil industry more freedom to expand infrastructure, create jobs and ease transportation bottlenecks.
TransCanada climbed as much as 1.1 percent to C$63.25 at 9:33 a.m. in New York. Energy Transfer Equity LP and Energy Transfer Partners LP climbed as much as 3.3 percent and 1.7 percent, respectively.
TransCanada had no immediate comment on the president’s proposed actions and Energy Transfer didn’t immediately respond to requests for comment. A spokesman for the Standing Rock tribe that opposes the Dakota project says they’ll comment “if it happens.”
via Bloomberg
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Latest posts by Alfonso Esparza (see all)
- Market Rally Still Going Low Holiday Volumes Awaiting Start of 2020 - 27 December 2019
- Market Awaits China Retaliation on Trade - 29 November 2019
- Alibaba to Close Order Book Ahead of Huge IPO - 18 November 2019