- TransCanada (TRP +5.5%) is bracing for Pres. Obama to deny a permit for the proposed Keystone XL pipeline next Thursday or Friday, when most lawmakers are away from D.C. ahead of the Labor Day weekend, Financial Post's Claudia Cattaneo writes.
- Obama is expected to say that approving Keystone would facilitate oil sands growth, make it more difficult for him to rally countries for a greenhouse gas reduction deal in Paris in December, and that the U.S. already has plenty of oil of its own, according to Cattaneo.
- The White House says the project is still under review by the State Department, and no decision has been made.