The Obama administration’s slow movement on the Keystone XL pipeline appears to have caused TransCanada Corp.’s stock to drop sharply.
Bloomberg reported TransCanada’s stock down 3.78 percent at noon ET on Apr. 21. That’s the sharpest one-day drop in two years for the Canadian petroleum company.
On Apr. 18, the U.S. State Department announced that it would delay its decision on the northern leg of TransCanada’s Keystone XL pipeline until after a Nebraska court ruling concerning the project.