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USA: Energy - Obama administration rejects Keystone XL pipeline

The White House has rejected the Keystone XL pipeline, President Barack Obama announced Friday.

Obama, flanked by Secretary of State John Kerry and Vice President Joe Biden, delivered a statement on the pipeline decision from the White House, during which he said the proposed pipeline project had "occupied what I frankly consider an over-inflated role in our political discourse."

TransCanada — the company behind the proposal — shares traded about 5 percent down on the day as of 11 a.m. ET. Oil futures, however, moved little on the news, as traders said the pipeline has become less of a hot-button issue with the increase of U.S. production.

"This morning Secretary Kerry informed me that after extensive public outreach and consultation with other cabinet agencies, the State Department has decided that the Keystone XL Pipeline would not serve the national interests of the United States. I agree with that decision," Obama said.

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