MLPs strengthened after Trump took steps to advance the Keystone XL and Dakota Access pipelines, revealing the new administrations looser constraints on the oil industry, Bloomberg reports.
“We are going to renegotiate some of the terms,” Trump told reporters in the Oval Office as he signed the two measures. “We will build our own pipelines; we will build our own pipes.”
The shift in policy on U.S. energy pipelines is a major departure from the Obama administration, which previously rejected TransCanada Corp.’s Keystone Proposal in 2015 and kept the Dakota Access blocked since September. The policy change will be a boon for the oil industry, allowing companies to expand infrastructure and ease transportation bottlenecks.