After the Obama administration halted progress on the Keystone XL pipeline in January—stating that the 60-day window of time permitted by Republican legislators was too small for a thorough environmental review—those against the proposal cheered and hoped the pipeline was dead. However, it looks like Keystone is emerging from the grave after only a month, as TransCanada—the company behind the pipeline—moves ahead with plans to build the segment running from Oklahoma to Texas, sections of the pipeline that don't require a federal permit. TransCanada is also in the process of reapplying for the cross-border section of the pipeline—the section for which the administration previously denied a permit.
The project now seems to have the White House's support. "Moving oil from the Midwest to the world-class, state-of-the-art refineries on the Gulf Coast will modernize our infrastructure, create jobs, and encourage American energy production," White House Press Secretary Jay Carney said in a statement. He added that the administration would “take every step possible to expedite the necessary federal permits." Protests against the pipeline are already reigniting in Texas, where construction could start soon if the permits go through.
- A U.S. Boon in Low-Cost Borrowing The New York Times
- Sales Index Stirs Hope for Housing The Wall Street Journal
- A tale of two narratives The Economist
- The Warren Buffett Haters Club Bloomberg Businessweek
Chart of the Day
This chart from the Organization for Economic Cooperation and Development shows that the countries hit worst by the economic downturn—like Greece, Spain, and Ireland—have been the most responsive to reforms, an unsurprising conclusion that the organization is trying to frame in a nicer light. Matt Yglesias summed up a chart in a different light: "Why Reformers Love Human Misery In One Chart."
Reason to Get Out of Bed in the Morning
The 100th birthday of the Oreo cookie is coming up, and in celebration Kraft is releasing a limited-edition Birthday Cake Oreo.