(CNN) — TransCanada’s stock took a hit after the U.S. announced another delay in the controversial Keystone XL Pipeline Project.
TransCanada is the company developing the pipeline that would stretch from the tar sands in Alberta to the Gulf of Mexico.
Shares of the Calgary-based company dropped 3 percent Monday.
That was the first day of trading since Friday’s announcement. And Canada’s chamber of commerce estimates the country’s economy is losing millions of dollars each day that a pipeline goes unapproved.
The state department, which is responsible for approving the pipeline, says federal agencies need more time to examine the project. The agency says a decision could come by the end of the year or early 2015.
Opponents of the Keystone XL Pipeline contend the environmental risks are just too great. Supporters point to energy needs and the economic windfall they say the pipeline will generate.