Good News: China and Canada 'Deepening Economic Relations' After Keystone Fail - Erika Johnsen

That Canadian oil was always meant for the world market. If they wanted to sell it to America they would build the pipeline to midwest refineries or build their own.

But the Canadians don't want the pipeline destroying their wilderness or to build refineries near their tourist ports so it made financial sense to buy off the Republican leadership in Congress and try to bysect America with their pipeline

It is good news. It actually would have raised prices on the american consumer, as Canada sought to by pass the refineries in the midwest to get to refineries were it is easier to export from. Right now the midwest enjoys slightly artificially low gas prices. There isnt pipeline capacity to get the Canadian oil any further than the refineries in the midwest, which leads to an over supply of refined product(gas) in the area . yes they truck it out as fast as they can but it doesnt discount that it sorta backs up there. Great for all of us in many ways(cheaper food for one), not so great for Canada.
If they could bypass the midwest refineries and get more of their oil to a wider range of refineries and markets, it would end up making them more money.
(and yes oil is a world market item but it likes to stay as close to home as possible, Obviously to maximize profits on transportation costs, but it also has various bottle necks like we see in the midwest.

SO while it sounds totally backwards, extending the pipeline to Texas would actually lead to higher gas prices in the mid west, higher food prices for all of us and all and all is bad news. There really isnt any benefit, all of our refineries are running at near max capacity, the oil that makes it to Texas will just replace other foreign oil coming to the refineries. The mid west refineries would lose capacity and maybe jobs, as it is harder for foreign oil to get there. WE would get some construction jobs building it and some maintenance jobs but they would bring most of their own people for that. WE'd probably get a lot of clean up jobs when it breaks though. And yeah shipping to china will reduce the bottle neck some but not as much as the pipeline, because oil is harder to ship than to pipe.

I do see why Canada would like to get this done though. Too bad.

...President Obama has, for all practical purposes, killed the Pipeline XL deal.

Ah the spin! President Obama did not kill the deal. It will be approved as soon as the new route plan (with all the other documentation) is submitted. I for one will not be happy about it, but them's the facts.

You are quite right Evil Genius. The Republicans are pushing for the Interior Department (it isn't really even President Obama) to grant licenses when TransCanada (pipeline owner) has not even shown a final route. How in the hell can we make an informed decision on the impact if they will not even tell us where it is?

They can submit a plan and go through the approval process like anybody else.