Republican U.S. presidential contender Donald Trump said on Thursday that he would approve TransCanada's (NYSE: TRP) Keystone XL pipeline proposal if elected, reversing a decision by the Obama administration to block it over environmental concerns.
The Obama administration's decision to reject the Keystone XL pipeline last year was a huge symbolic victory for America's environmental movement, which had campaigned for years against the project on the grounds that it would accelerate global warming.
The debate over the pipeline created tension in the relationship between the United States and Canada, which had hoped the project would increase the capacity for Canadian oilsands exports to the U.S. market.
Trump told the press conference that if elected he would also seek to reduce regulation on the energy industry to make drillers and coal companies more competitive.
The comments deepen the contrast between Trump and his Democratic rivals Hillary Clinton and Bernie Sanders, both of whom advocate a sharp turn toward renewable energy technology as a way to combat climate change.
TransCanada shares closed Friday up 30 cents at $41.85 in New York, within a 52-week trading range of $28.40 to $43.78.