The Presidential Daily Brief

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    TransCanada Makes $13 Billion Inroad with US Oil

    Forget Keystone XL. President Obama may have blocked the controversial pipeline, but the company behind it hasn’t stopped to mourn. Instead, it’s agreed to buy Columbia Pipeline Group for $13 billion cash, giving TransCanada $5.6 billion worth of U.S.-based oil projects and access to natural gas bonanzas in Pennsylvania, Ohio and West Virginia. While American oil production is increasingly affected by the recent plunge in prices, this deal, expected to close before next year, will grant TransCanada access to two of the cheapest production sources in the nation.

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