Devon Energy Corp. is one of the companies that stands to benefit directly from the proposed Keystone XL project.
The Oklahoma City-based oil and natural gas company is among the largest producers from Canada's oil sands.
The pipeline planned by TransCanada Corp. would help move crude oil produced there to refineries along the Gulf of Mexico, but the project was blocked Wednesday by the Obama administration.
“This is disappointing news, but we are confident the pipeline will ultimately be built,” Devon CEO John Richels said. “The U.S. energy industry, many in the public and in Congress consider the pipeline an essential link to our long-term energy security.”
The Keystone XL pipeline could bring 700,000 barrels of oil per day to the U.S. from Canada, a friendly neighbor that is also the country's biggest supplier of crude, he said.
“If we pass on this opportunity, we risk the chance of this oil being moved to another market somewhere else in the world,” Richels said. “It would be irrational to kill this project and continue to import more oil from Venezuela, the Middle East and many parts of the world that are not friendly to U.S. interests.”
Jay F. Marks,