The Oil and Gas sector was dealt a blow earlier this month after President Barack Obama turned down

Oil Companies Optimistic in Long Term Outlook for Keystone Pipeline. TransCanada's multibillion-dollar proposal to build a pipeline from the oil-sands region in western Canada to the pipeline hub of Cushing, Oklahoma. Oil stocks took a surprisingly small hit after the news, as analysts are optimistic the project will eventually be approved -- likely following this year's presidential election

source:

www.marketwire.com/press-release/oil-companies-optimistic-in-long-term-outlook-for-keystone-pipeline-nyse-cvx-1609581.htm