Canadian Natural Resources Minister Joe Oliver said he’s optimistic President Barack Obama’s administration will now approve TransCanada's Keystone XL pipeline project now that the U.S. election is over.

According to Bloomberg Business News, Speaking to reporters in Ottawa, Oliver said Obama’s government will now be able to look at the project objectively. TransCanada re-applied in May for a U.S. permit for parts of the Keystone pipeline, which would transport crude from Alberta’s oil sands to the U.S., after a prior application was rejected by President Barack Obama on Jan. 18.

Obama approved the southern part of the pipeline, the only piece of the pipeline that did not require any approval. It's the northern piece of the pipeline that crosses the U.S. Canada border that requires presidential approval.

“I don’t know exactly why he postponed it but the point is right now we’re not in the middle of an election campaign and it will be decided by the administration on its merits,” Oliver said.

Canada will respect the U.S. regulatory process, and will continue to advocate for the pipeline, the minister said.

“We believe the Keystone XL pipeline will be approved by the Americans because it is clearly in the U.S. national interests in terms of national security, jobs, economic growth,” Oliver said.

We've already learned that what logic might suggest often has little connection with what materializes so we will refrain from speculating on Keystone's chances... Only time will tell.