“We’re going to make the process much more simple for the oil companies and everybody else that wants to do business in the United States,” Trump told U.S. auto executive at the White House meeting Tuesday morning.
TransCanada (NYSE: TRP) shares jumped 3.2% on the news. TRP makes up large components of other MLP ETFs, including 9.1% of Global X MLP & Energy Infrastructure ETF (NYSEArca: MLPX) and 7.6% of Tortoise North American Pipeline Fund (NYSEArca: TPYP). On Tuesday, MLPX rose 2.3% and TPYP gained 2.1%.
White House press secretary Sean Spicer argued that both the Dakota Access and Keystone projects would “increase jobs, increase economic growth, and tap into America’s energy supply more,” explaining that Trump wanted to balance environmental protection with activity that can bolster job growth and the economy.
“From now on we’re going to be making pipeline in the United States. We build the pipelines, we want to build the pipe. We’re going to put a lot of workers, a lot of skilled workers, back to work. We will build our own pipeline, we will build our own pipes, like we used to in the old days,” Trump said.
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