I had several friends working on it, and at the time of cancellation the problems had been solved and it was back on track.
“Officially” Clintoon did ask that it not be canceled. Of course he didn't really mean it and knew congress intended to do it anyway. There were lots of rumors that big oil funded the push in congress to kill it - but I don't think it was ever proven.
Clinton wanted it killed because Texas didn't go for him in the '92 election and he essentially admitted as much in a later interview. As for it being over budget, that story was put to rest much later after an exhaustive GAO audit showed that it was well UNDER budget when Clinton pulled the plug. As a matter of fact, Clinton spent MORE to PLUG the hole (which was ~2/3rds complete) than had been spent to dig it and develop the technology that was to be used with it.
Additionally, Clinton REFUSED to allow the state to purchase the SCSC and operate it independent of the government or any government funding. It doesn't make any sense that "big oil" would be behind the move to kill it in a state where "big oil" is "BIG OIL". In theory, the SCSC would have no products or services that would alter or change anything that big oil does.