Oil popped after jobless claims fell more than expected. Yet we also saw the market rise on a report that U.S. intelligence thinks there is a high probability that Putin’s incursions into Ukraine are far from over.
Now that the U.S. government has cleared the Keystone XL project of any dire environmental impact, attention is returning to why the pipeline was needed in the first place: to get more Canadian oil to U.S. refineries.
A long awaited report on the XL Keystone pipeline stated what everyone knew all along, the State Department said the Keystone XL pipeline would not have a significant impact on global warming or greenhouse gasses.
The top Republican on the Senate Energy Committee urged President Barack Obama to end a 39-year ban on exports of U.S. crude oil, joining what is shaping up as an major election-year debate over energy policy.