Obama just might approve it to take it out of the “2016 Issue” column.
If he were a real Machiavelli, he would approve it, because that would accomplish three things. First, it would create jobs, which he would then take credit for. Second, it would help keep the price of oil, gas, and electricity down, which he would also take credit for. Third, it would become an issue in the 2016 Dem primaries, giving Elizabeth Warren something to get the greens funding her side and putting Hillary! in the unenviable position of having to thread the needle on the issue with leftists--something Bill could pull off with ease, but not her. Obama would like nothing better than to bump off Hillary! one more time, to prove to himself that he was indeed better than her the whole time.