The Latest on ExxonMobil’s oil pipeline deal
Oil prices jumped Thursday, with ExxonMobil announcing a $2 billion deal with the U.S. government to build a pipeline that would transport oil from Alaska to Texas.
The pipeline, the Keystone XL, will be built near the town of Patoka, Minnesota, and will run from the state to Texas through the state.
The deal marks a significant milestone in ExxonMobil efforts to win approval from the U,S.
Congress for the pipeline.
The company has long argued that it needs the pipeline to move crude oil from Canada to refineries on the Gulf Coast.
But the pipeline has become a major headache for oil producers and environmentalists in the Midwest, who argue that it would be a major threat to drinking water supplies and would create more pollution from the burning of fossil fuels.
The project will create 12,000 jobs in the area.