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Gas-Pipeline-construction-iStock_000002377650XSmall-200x300Last week, President Obama put the kibosh on the Keystone XL oil pipeline. The project, which would carry an estimated 700,000 barrels of crude a day from Alberta’s oil sands to refineries on the U.S. Gulf of Mexico coast, promised to be both a job-creation machine as well as a way to increase gasoline supplies.

By extension, it would have helped keep America’s fuel costs down. Now, the politics of this situation are rather convoluted. The move was seen by most observers as a move to placate President Obama’s liberal environmentalist base. The president, however,blamed Republicans in Congress for putting forth what he called a “rushed and arbitrary deadline,” which “prevented a full assessment of the pipeline’s impact, especially the health and safety of the American people, as well as our environment.”

Politics aside, many industry analysts think that the Keystone XL project will likely go forth, and that it will receive presidential approval sometime in the first quarter of next year.

For traders, we can see the Keystone XL situation as an opportunity to make money.

Here are three ways to profit from the killing (at least temporarily) of the pipeline project.

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