November 6, 2015 The Obama administration rejected the project of Keystone XL, "over environmental concerns". Financial commitment towards completion of the pipeline was weakened by a number of technological factors as well. Innovations in fracking had increased domestic production of oil and, according to the EIA, reduced annual demand of oil from foreign countries to an all-time low since 1985. Shifts to gasoline fuel for cargo vehicles, new technologies promoting fuel efficiency, and export restrictions that forced the price of oil to decrease also played a part.