Its construction has been hotly disputed for seven years, with environmentalists saying it would do irreparable damage.
But the president said the pipeline had taken on an "overinflated role" in the climate change debate.
The proposed pipeline would have run 1,179-miles (1,897km) taking 800,000 barrels of oil a day from Alberta, Canada, to Steele City, Nebraska.
But Mr Obama said it would not have:
lowered petrol prices
created long-term jobs
affected energy dependence
Its construction has been hotly disputed for seven years, with environmentalists saying it would do irreparable damage.But the president said the pipeline had taken on an "overinflated role" in the climate change debate.The proposed pipeline would have run 1,179-miles (1,897km) taking 800,000 barrels of oil a day from Alberta, Canada, to Steele City, Nebraska.But Mr Obama said it would not have:lowered petrol pricescreated long-term jobsaffected energy dependence
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