ANALYSIS: Controversial project included in wish list of actions industry says would send more oil and gas to vulnerable Ukraine and Europe.

Elizabeth Douglass

Russia's brazen move into Ukraine has triggered a reaction from supporters of America's oil and natural gas industries. To diminish Vladimir Putin's clout in Europe and pressure him on Ukraine, they want the Obama administration to fast track a host of U.S. energy industry priorities. By doing so, they say, the United States can increase fuel supplies to Ukraine and much of Europe, which depend heavily on Russian oil and natural gas.

The industries' priorities include quickly approving more facilities to export liquefied natural gas, removing restrictions on domestic crude oil exports, and approving the controversial Keystone XL pipeline that would carry Canadian crude oil to the Gulf Coast.

Energy—and especially oil—has a long history of being at the forefront of foreign policy and territorial conflict. But in this case, many analysts question whether the energy industry's wish list of policy actions would have a timely and meaningful impact on Russia, Europe or the situation in Ukraine.

The most curious item on the list is the Keystone XL pipeline.

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