The Keystone XL Pipeline Just Moved One Step Closer To Approval

The final leg of the Keystone XL Pipeline just took one step closer to being approved, as the State Department concluded its existence would not dramatically impact development of Canada's tar sands.

The agency found lack of approval was "unlikely to significantly affect the rate of extraction in oil sands areas (based on expected oil prices, oil-sands supply costs, transport costs, and supply-demand scenarios)."

"Rail will likely be able to accommodate new production if new pipelines are delayed or not constructed," it added.

Here's the key chart showing how many more greenhouse gases would be emitted if the pipeline got developed, against a baseline estimate if the project were scuttled. Basically, it's the volume of the emissions if the pipeline carried its projected 830,000 barrels per day versus if those same 830,000 barrels somehow never got developed. In the grand scheme of things, it's not much. And again, State says those barrels are probably going to be produced anyway.

The project now awaits a "national security determination" from the Obama administration. There is no set date for that determination to be made.