Companies involved in the Dakota Access Pipeline and the Keystone XL are making headlines today after President Donald Trump signed orders to push the projects forward.
As a result, Transcanada, Transfer Equity, and Transfer Partners stock prices rose on Tuesday. In fact, TransCanada stock rose by 3.54% today.
On Tuesday morning, U.S. President Donald Trump signed orders to to create a path for the controversial Keystone XL and Dakota Access oil pipelines. Oil companies in Canada and North Dakota are expected to benefit from Trump’s executive order by making it faster for the transportation of crude oil to southern refineries.
Federal disclosure firms showed President-elect Donald Trump held between $15,000 to $50,000 in Energy Transfer Partners stock, which suggested a potential conflict of interest for Trump. However, according to a Washington Post report, Trump sold off his shares in Energy Transfer Partners last summer.
What is DAPL and Keystone XL?
The Keystone Pipeline is an oil pipeline system in Canada that runs through the United States. Launched in 2010, it runs from Basins in Alberta, Canada to refineries in Illinois and Texas. The project was rejected by President Barack Obama in 2015. Environmental activists also protested the project.
The Dakota Access Pipeline is over a thousand mile long. The underground oil pipeline project will run from North Dakota and travel through South Dakota and end in Illinois. The $3.87 billion pipeline was announced three years ago but, sparked controversy over the impact it would have on the environment. Several Native American tribes living in the Dakotas objected to the pipeline.
This will mark a historical defeat for the Native American tribes who successfully blocked the projects through peaceful demonstrations late last year. The Standing Rock Sioux issued a statement on Twitter saying that they will fight back, “We are not opposed to energy independence. We are opposed to reckless and politically motivated development projects, like DAPL, that ignore our treaty rights and risk our water. Creating a second Flint does not make America Great Again,” David Archambault II, Chairmain of Standing Rock Sioux Tribe said.
Trump’s executive order on #DAPL–violates the law and tribal treaties. We will be taking legal action. #standwithstandingrock #noDAPL pic.twitter.com/0DXeZ7RtQN
— Standing Rock Sioux (@StandingRockST) January 24, 2017