This post that says that even Warren Buffett now supports it raises the question — if State Department approval is needed because it crosses a border, why can’t the involved states just start building it now, but not cross the border with it? How could the feds stop it? Canada could simultaneously build their portion up to their side, and then it would be ready to quickly complete once we throw the lunatics out. It would also present a fait accompli, creating even more political pressure to approve it.
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I was thinking the same thing. The problem is testicular fortitude.
It looks like there are a lot more regulatory obstacles to hurdle than just the US Dept. of State. It looks to me like TransCanada won’t be allowed to build pipeline on US federal land, or within particular states, until US BLM and State permits are issued. It sounds like those agencies will deferentially wait for the US Dept. of State to take their rent-seeking cut before they belly up to the buffet themselves.
But even if the only obstacle stopping TransCanada was the US DoS… Were I to put myself in their shoes, would I trust the current US Govt not to righteously destroy my evil capitalist polluting oil-baron investment for the green utopian future? Increased oil supply in the US may lower prices, and ‘green’ energy already can’t favorably compete even at our current artificially inflated prices.
Um, dunno, the Commerce Clause?
The financing risk is too high…
Indeed. Building the pipeline except for the bit that crosses the US/Canada border means billions of dollars in investment, probably mostly with borrowed money, sitting idle until an indefinite time in the future (if ever), collecting interest. Not gonna happen. Instead, we’ll just build a pipeline to the Pacific coast and sell our oil to people who want to buy it immediately.
Read news articles this morning that said Buffett has now come out against the Buffett Rule.
I always had a sneaking suspicion he was doing some Obama boot licking for financial decisions/favors. Like Immelt.
So…what do we call the rule now?