This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

Obama Defends Keystone Pipeline Choices

NEW YORK (TheStreet) -- President Obama defended on Thursday his administration's handling of the Keystone XL pipeline.

Speaking in front of large blue-green pipelines to a crowd in Cushing, Okla., the president placed blame on Congress and said it tried to push him into a decision too quickly.

"Producing more oil and gas here at home has been, and will continue to be, a critical part of our all-of-the-above strategy," Obama said Thursday.

The president has said that he will expedite the review process of the southern part of TransCanada's (TRP) Keystone XL pipeline, which would transport oil from Alberta, Canada, into the United States. Cushing would be one U.S. destination of the crude oil.

Republicans have criticized the president's move to delay a decision on the pipeline.

"Yes, in Cushing, Oklahoma, President Obama will strain all credibility by declaring his unwavering support for a private-sector project that he's single-handedly prevented from being completed. His support for part of it, anyway," a blog post said Thursday on House Speaker John Boehner's Web site.

>>Why Obama's Cushing Pipeline Push Won't Excite Voters

Mitt Romney, Rick Santorum and Newt Gingrich slammed Obama this week over his refusal to approve the pipeline as the Republican presidential hopefuls continued to try to win conservative support on the issue.

"Now, you wouldn't know it from listening to some of these folks who are running for office -- I won't mention their names, you know who they are -- but producing more oil here in our own country has been, and will continue to be, a key part of my energy strategy," Obama said Wednesday in Maljamar, N.M., a day ahead of his speech in Cushing.

TransCanada has said it expects to put the pipeline in service by 2015. Despite Obama's delay, the company has said it anticipates its Presidential Permit application will be approved in the first quarter of 2013.

As for the Cushing extention, TransCanada began operations there in February 2011. Construction is expected to resume there in June.

-- Written by Joe Deaux in New York.

>Contact by Email.

>Follow Joe Deaux on Twitter. Subscribe on Facebook.

Stock quotes in this article: TRP 

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
DOW 16,417.44 -7.41 -0.05%
S&P 500 1,864.52 +2.21 0.12%
NASDAQ 4,099.1560 +12.9310 0.32%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs