Pipe is stacked at the southern site of the Keystone XL pipeline in Cushing, Oklahoma.
Pipe is stacked at the southern site of the Keystone XL pipeline in Cushing, Oklahoma. - 
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Back when the Keystone XL pipeline was proposed in 2008, oil hit an all-time high and traded at over $140 a barrel. But oil has crashed, trading below $50 on Monday.

Approval of the pipeline is at the top of the agenda for the new Republican-controlled Congress. The question is: What is the energy rationale for and against the project in a period of cheap oil?

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Follow Tim Fitzsimons at @@tfitzsimons