Obama sees no 'magic formula' in Keystone pipeline

US President Barack Obama speaks during a press conference in the briefing room of the White House on December 19, 2014 in Washington, DCUS President Barack Obama downplayed the benefits of the Keystone XL pipeline Friday, saying the disputed project to transport crude from Canada is not a “magic formula” for the US economy. The $5.3 billion project would carry crude oil to Gulf coast refineries from Canada’s tar sands. “There’s been this tendency to hype this thing as some magic formula to what ails the US economy, and it’s hard to see on paper where exactly they’re getting that information from,” he said at his end-of-year press conference. The president said the pipeline would not necessarily reduce oil prices in the United States and that the country would benefit more from other infrastructure investments.

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