NEWS
Fri Dec 19, 2014 03:25 PM CST

WASHINGTON (Dow Jones) -- President Barack Obama downplayed the possible economic benefits of the Keystone XL Pipeline, saying it would have very little impact on U.S. consumers.

"Keystone is not American oil. It's Canadian oil that is wrung out of tar sands in Canada," Mr. Obama said, speaking to reporters at the White House on Friday.

"It would save the Canadian oil companies and the Canadian oil industry an enormous amount of money if they could simply pipe it all the way through the United States down to the Gulf," Mr. Obama said.

The State Department has been under pressure ...

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