One of Farallon's biggest holdings is in U.S. pipeline company Kinder Morgan, which has plans to expand a major competitor to Keystone -- the TransMountain pipeline. It carries tar sands oil from Edmonton to British Columbia's west coast for export to Asia. If Kinder Morgan gets approval for the expansion, TransMountain would carry 900,000 barrels of tar sands oil every day.
Steyer makes the case that since the Northern Gateway pipeline likely won't be built, there is no "competitive" reason to build Keystone. He also argues that not building either will limit oil production in the tar sands and will effectively contain the production of greenhouse gases.