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The President’s re-election is not a week old and already he is facing perhaps his biggest test on energy – the Keystone Pipeline decision. Ah, the Keystone XL Pipeline. Surely you remember that. Last January President Obama was faced with the excruciating task of choosing between high gas prices and the determination of his environmental supporters, who see Keystone as the Armageddon of environmental battles. The pressure was particularly severe because we had just had a big run-up in oil prices and turning down the pipeline would mean the President risked being perceived as indifferent to consumers. (Although there are always those commentators who will tell you that supply-and-demand doesn’t exist and importing more oil would not change prices and might even...