TransCanada touts oil pipeline from Oklahoma to Texas

WASHINGTON — A Canadian company said Monday it will build an oil pipeline from Oklahoma to Texas after President Barack Obama blocked the larger Keystone XL pipeline from Canada.

Calgary-based TransCanada says the new project does not require presidential approval, since it does not cross a U.S. border. The shorter pipeline is expected to cost about $2.3 billion and be completed next year, the company said.

The Obama administration had suggested development of an Oklahoma-to-Texas line to alleviate an oil glut at a Cushing, Okla., storage hub.

Press secretary Jay Carney said Obama welcomed the announcement.

http://www.caller.com/news/2012/feb/27/transcanada-touts-oil-pipeline-oklahoma-texas/

Cross-posted in LBN and Texas groups.