TORONTO (AP) — The company behind the controversial Keystone XL pipeline from Canada to the U.S Gulf Coast has asked the U.S. State Department to pause its review of the project.
TransCanada said Monday a suspension would be appropriate while it works with Nebraska authorities for approval of its preferred route through the state. The move comes before the Obama administration was widely expected to reject it.
Historically low oil prices have also undercut the financial logic of the project.
Note that the company asked for a suspension, not a full-out okay-we-give-up, but they might as well; it’s like when a candidate pulling in .05% of the vote in a poll decides to “suspend” their campaign. It sounds temporary, but it’s over.
And the earth breathes a small sigh of relief.