The Obama administration announced Wednesday that it was rejecting the application of TransCanada for a 1700-mile oil pipeline--known as Keystone XL-- intended to link the Canadian oil sands to the Gulf of Mexico. Michael A. Levi, director of CFR's program on energy security and climate change, says the debate over the pipeline has been exaggerated and is playing into a broader political narrative over environmental regulation in the country. "This has become a fight where one side says this is this extraordinary thing for energy security and the other says it's this horrible thing for the environment," Levi says. He adds, "If we get into the habit of having a lot of politics involved in what used to be fairly routine approvals and developments then that will become a larger economic...