The Free Market just vetoed Keystone XL

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Thursday November 13, 2014 · 9:21 AM PST

2014/11/13 · 09:21

I apologize for this short diary today. As oil prices drop into the $70's, Tar sand oil from Alberta, which costs more than $85 just to extract, no longer make economical sense. So even if the GOP crams through Keystone XL, it is not going to be built in the near future. It will be a Pyrrhic victory, just like all their other right wing 'victories'.

Please read the full CNBC article:
http://finance.yahoo.com/...

The so-called "heavy oil" extracted from sand in Alberta, which the proposed pipeline would carry to Nebraska, en route to refineries on the Gulf Coast, will cost between $85 and $110 to produce, depending on which drilling technology is used, according to a report in July by the Canadian Energy Research Institute, a nonprofit whose work is often cited by Keystone proponents. West Texas Intermediate crude oil traded today at $76.67.

In hindsight Obama was wise to stall the project. He just saved the capitalist from their own shortsighted greed. Projects as big as this typically requires the stars to align, in order to break ground. If the moment passes, chances are- it will never be built.

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