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ConocoPhillips Backs Down On Open Loop Gas Terminal

ConocoPhillips is withdrawing its permit application to build an open-looped liquefied natural gas terminal off the Alabama Gulf Coast, in part due to negotiations with the administration of Gob. Bob Riley, according to the Associated Press.

The proposed terminal would have used technology that could have caused all kinds of damage to Gulf fisheries and marine life, according to critics.

Riley made the announcement Friday that the Texas-based company was withdrawing its application in a letter to the federal Maritime Administration.

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