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TRP: 56 Senators Back New Keystone XL Bill

The pipeline would create thousands of construction jobs


TransCanada Corp’s (TRP) Keystone XL bill might come into fruition after all.

Keystone XL billRepublican Senator John Hoeven reintroduced legislation that could bring the Keystone XL pipeline back to Congress on Thursday. Hoeven claims that he has 55 co-sponsors for a bill that would put the fate of the pipeline in the hands of Congress.

The bill has been backed by union supporters who believe that the Keystone XL bill would create thousands of construction jobs. However, environmentalists believe that the pipeline would hurt the environment by emitting gases linked to climate change.

All 45 Republican senators have backed the Keystone XL bill along with 11 Democrats. However, the bill needs at least 60 votes to clear procedural hurdles.

TRP stock is up 0.3% Thursday.

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