Are companies going to suffer because of Obama’s decision to nix the Keystone Pipeline?
President Obama is well known for his drastic, brave decisions. This time he did something that many companies may see as not to their advantage, but he is hoping it will have a positive impact for all in the long run.
Global warming has been the topic of discussion in almost all countries. President Obama has been focusing on making positive chances that would stop or slow global warming. Although society, as a whole, seems to be agreeing with the President, there are many angry voices against him.
The Keystone Pipeline was supposed to bring oil from Canada and transport it directly to the Gulf Coast. It would pass through six American states, and bring important economic benefits to small and medium-sized companies in the way of expansion and employment. Although this could be very profitable for the U.S, the President considered that such a project would damage the environment irreversibly and the economic benefits would not be great enough to offset the damages it could create.
Many members of the Congress do not believe that global warming is real, so they are against the decision of the President to veto the pipeline. Some members even say that this decision will endanger the economy, and the U.S. economy is not exactly stable at the moment.
This project has been debated for years, and in 2012, candidate Mitt Romney stated that he would approve the construction of the pipeline. Many politicians have used the pipeline debate as a platform to win votes, but not President Obama. He stated more than once that this project had nothing to do with any political campaign, and that the citizens of the United States should focus on the real environmental impact such a project would have.
Many companies are unhappy with this decision, as such a project would allow them to develop their businesses and build new refineries. Until a better project is proposed, all will have to accept the decision of the President. He is supported in this decision not only by the citizens, but also by politicians all over the world who think that protecting the environment should be a top priority for everyone.