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The head of the company behind the Keystone XL pipeline called President Obama's rejection of the project "misplaced symbolism" and left open the possibility of another application in the future.

TransCanada CEO Russ Girling said the company is disappointed in the Obama administration's decision to reject the 1,187-mile pipeline that would have run from the tar sands in Alberta, Canada, to the Gulf of Mexico.

"Today, misplaced symbolism was chosen over merit and science — rhetoric won out over reason," Girling said.

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