Neb. law challenged, Keystone XL Pipeline delayed
March 5, 2014
A Nebraska judge's decision Wednesday added another obstacle to the construction of the Keystone XL Pipeline.
"At issue in Wednesday's ruling was a 2012 law that allowed Gov. Dave Heineman to approve the route through Nebraska. The governor's approval gave Calgary-based TransCanada the power to use eminent domain on landowners who deny the company access to their property. Three landowners filed a lawsuit saying the decision should have been made by the Public Service Commission.
"Lancaster County Judge Stephanie Stacy agreed," said an AP story.
Supporters of the pipeline say it will be an economic boost to the area, providing thousands of jobs and putting the U.S. in a better position to be less dependent on foreign oil. Canadians are attempting the pipeline's construction in an effort to grow the market for their oil
The ruling, which is being appealed by Nebraska's attorney general, caused jittery investors to knock down TransCanada's share price by more than two percent. It closed down C$1.07 to C$48.83 on the Toronto Stock Exchange.
"I think the stock is purely down today on the Nebraska situation," said Carl Kirst, an analyst at BMO Capital Markets, in a Reuters news story. "I still believe that the odds ultimately favor it happening, but boy is it a slog getting there and this is just one more wrench in that process."
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Girling said in the Reuters story that he was confident the latest decision would not derail the approval process now underway at the U.S. State Department. F