As we’ve discussed, “resolving the fiscal cliff” is not necessarily the crisis everyone is making it out to be, but will still entail some teeth-pulling in deciding revenue-raising measures will survive after Jan. 1.
Meanwhile, there is another seemingly partisan policy decision everyone is nevertheless convinced will actually prove painless: approving Transcanada’s application for its Keystone XL pipeline across the Canadian border.
Brief background: the Keystone would transport approximately 1.3 million barrels of oil per day from Canada to refineries in the Gulf. Industry groups say its construction would create thousands of jobs, while environmentalists fear the project’s impact on local ecology. There remains debate about what effect this would have on gasoline prices.