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Moody’s Sees Keystone XL Approval, but Pressure on Oil Sector Under Obama

Nov 13, 2012
(Financial Post)

The White House will reverse course and approve the Keystone XL pipeline, according to Moody's Investors Service.

"But approval will not be quick. A prolonged permitting process risks missing the very oil price boom that inspired Keystone XL in the first place," Stuart Miller, Moody's vice president, said in a report published November 12.

"Still, even if Keystone XL went into operation in 2015 or 2016, Gulf Coast refining and marketing companies would benefit from wider light/heavy crude price differentials."
But President Obama’s re-election could mean elimination of tax exemptions, slower permitting process and tighter regulations on oil and gas companies, the ratings agency warned.