On Jan. 18, 2012, President Obama denied an application from TransCanada, a Canadian energy company based in Alberta, concerning the development of the Keystone XL Pipeline.

The pipeline would have cost approximately $7 billion to complete; however, it was also projected to create thousands of new jobs for unemployed Americans, while connecting Alberta's tar sands to the Gulf of Mexico.

Plans for the creation of the pipeline have been discussed for months now. Back in November, the U.S. State Department mentioned that it would delay any future decisions regarding the pipeline until its environmental impact was further studied and reviewed.

Soon afterwards, Congress offered the State Department 60 days to acquire approval for a different option in regards to the pipeline.

Obama believes that Congress did not provide the State Department or his Administration enough time to fully understand the type of impact the pipeline would have on the environment, as well as on the well-being of Americans who live and work near the pipeline's intended route.

"As the State Department made clear last month, the rushed and arbitrary deadline insisted on by Congressional Republicans prevented a full assessment of the pipeline's impact, especially the health and safety of the American people, as well as our environment," Obama said.

He continued, "As a result, the Secretary of State has recommended that the application be denied. And after reviewing the State Department's report, I agree."

Of course, TransCanada representatives did not have the same opinion as Obama. In fact, they still remain just as determined to develop the pipeline as they were before.

"While we are disappointed, TransCanada remains fully committed to the construction of Keystone XL," TransCanada president and CEO Russ Girling said.

He added, "Plans are already underway on a number of fronts to largely maintain the construction schedule of the project. We will re-apply for a Presidential Permit and expect a new application would be processed in an expedited manner to allow for an in-service date of late 2014."

If you are interested in reading Obama's complete statement about the pipeline, please click here.