Revenge of the Keystone XL Pipeline
Mastery still likes TransCanada Corporation (NYSE:TRP), Exxon Mobil (NYSE:XOM), and PetroChina Company Limited (ADR) (NYSE:PTR) despite the odds as we pointed out in The Stocks of the Keystone XL Pipeline.
Here's why -- Keystone XL Pipeline Seen Moving Ahead on Alternative Route
(Bloomberg.com) Jan. 19 -- TransCanada Corp.’s $7 billion Keystone XL oil pipeline still will move ahead with an alternate route after President Barack Obama’s decision to deny a permit, investors, public officials and analysts say.
Obama blamed congressional Republicans yesterday for imposing a deadline on his decision, which he said left no time to approve the project. His administration invited TransCanada to reapply, an overture the Calgary-based company promptly said it would accept.
Denying the permit pushes a final decision on the pipeline into 2013, safely past this year’s presidential election. John Stephenson, who helps manage $2.7 billion for First Asset Management Inc. in Toronto, said he bought 350,000 shares yesterday as TransCanada fell the most in 18 months. Continue..
MASTERY Bottom line:
Big oil always wins. We aren't going to fight it, rather join in with their profits.
Its time to consider picking up shares of TransCanada (TRP), Exxon Mobil (XOM), and PetroChina (PTR).
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