Senators Propose Tying Strategic Oil Reserve, Keystone XL

Senate Republicans introduced legislation that would bar the Obama administration from using the U.S. Strategic Petroleum Reserve unless TransCanada Corp.’s Keystone XL pipeline is approved.

The bill, preventing President Barack Obama from releasing oil from the reserve when oil supplies are disrupted, is aimed at advancing Calgary-based TransCanada’s plan to build the $7 billion project to carry oil from filed in Alberta, Canada, to U.S. Gulf Coast refineries.