President Barack Obama’s rejection of the Keystone XL pipeline solidifies what the market has been saying for months — there’s less appetite for expensive Canadian oil sands in an era of $45 crude. The $8 billion pipeline to transport crude from Alberta to the Gulf of Mexico first proposed by TransCanada Corp. in 2008 has lost its urgency as the industry endures the worst price crash since the 1980s. Producers are shelving projects and reducing drilling, and after waiting so many years for the line’s approval, they can afford to wait longer for a new one. They’ve also found other […]