President Donald Trump intends to take action today to advance construction of the Keystone XL and Dakota Access pipelines, according to a person familiar with the matter.
TransCanada Corp.’s Keystone pipeline was rejected under former President Barack Obama, and Energy Transfer Partners LP’s $3.8 billion Dakota Access project was stalled when the Obama administration halted work on in on land near Lake Oahe in North Dakota amid protests by Native American groups.
The moves, taken on Trump’s fourth full day in office, illustrate his plan to fulfill his campaign pledge to give the oil industry more freedom to expand infrastructure, create jobs and ease transportation bottlenecks.
TransCanada climbed as much as 1.1 percent to C$63.25 at 9:33 a.m. in New York. Energy Transfer Equity LP and Energy Transfer Partners LP climbed as much as 3.3 percent and 1.7 percent, respectively.
TransCanada had no immediate comment on the president’s proposed actions and Energy Transfer didn’t immediately respond to requests for comment. A spokesman for the Standing Rock tribe that opposes the Dakota project says they’ll comment “if it happens.”
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