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US may miss target for Keystone oil sands pipeline

October 26, 2011
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WASHINGTON — The U.S. State Department may miss a year-end target to approve TransCanada Corp.’s Canada-to-Texas Keystone oil sands pipeline, Reuters reported.

A U.S. official told Reuters on Tuesday that the State Department still hoped to make a decision by the end of this year, which has been its target, but that its highest priority was to carry out a thorough, rigorous review.

A further delay would not only be a blow to TransCanada, it could also prolong a massive gap between U.S. and global oil prices because oil traders are counting on Keystone''s 700,000 barrel-per-day capacity to relieve a build-up of crude in the U.S. Midwest, which doesn''t have enough pipelines to ship growing Canadian output to Gulf Coast refineries for use around the United States, the article stated.
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