President Obama rejects Keystone XL pipeline proposal

President Obama announced Friday that the White House has rejected the Keystone XL pipeline, ending seven years of speculation about its fate and marking a major victory for environmental groups who have put pressure on the Obama administration. In a press conference, Obama said the pipeline would not contribute meaningfully long-term to the economy, would not lower gas prices for the American consumer, and that there are new clean energy technologies that would be better for the environment than dirty crude oil.

The pipeline would have carried oil from Alberta, Canada, through the Midwest to the Gulf of Mexico. Supporters of the project champion its ability to create jobs and curb U.S. dependence on foreign oil, while those against it cite environmental concerns.

Earlier this week, the State Department rejected TransCanada's request to halt its review of the project. President Obama had previously said that in order to approve Keystone XL, the project would have to not contribute significantly to global warming.

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