What I don’t understand is why Canada needs a pipeline for crude to the gulf for refining. For the same money, Canada could build its’ own set of refineries, become a real player, and sell the fuel anywhere.
Canada may not have the workforce for refineries....
There is a refinery capacity glut, particularly among refineries that refine the type of heavy crude produced from the Alberta oil sands. Those refineries are located on the Gulf Coast, their feedstock being largely Venezuelan heavy crude.
That said, Obama's obstructionism certainly strengthens the case for a Canadian refinery. I don't know how far an Alberta refinery is from being feasible.
A business is not going to wager that Obama will lose the election, so Trans Canada would only start construction on those segments that are feasible on their own.