NEW YORK ( TheStreet) -- Despite the potential for more jobs, the Keystone oil pipeline has yet to be approved. TheStreet's Jim Cramer and Debra Borchardt discuss the recent news.
Oil prices continue to hit new highs as the tension with Syria escalates. Likely lost in the all of the news this week was the postponement of the Keystone pipeline decision.
The move pushed the decision into 2014, and Cramer said that it may not even happen during President Obama's term.
He went on to say that the president seems very "laissez-faire" about oil and gas, and that the government has been 'studying' the situation for an awfully long time.But there's no doubt that pipelines bring jobs. Cramer pointed out that in the 1930s, some of the most steady lines of work were in the pipeline industry. He also cited the number of jobs that were added in North Dakota with its pipelines. To be fair, it's not just the president. Cramer added that Congress doesn't seem to be interested, either. Environmentalists don't care about how much oil is there, which is why countries like Germany and England have left so much in the ground. Cramer concluded that the oil will get here eventually, either by train, truck, or barge. But a pipeline is safer than those alternative methods. He continues to like Occidental Petroleum (OXY), Anadarko Petroleum (APC), and Schlumberger (SLB) . -- Written by Bret Kenwell in Petoskey, Mich. Follow @BretKenwell