Canadian pipeline company TransCanada has filed an application with the U.S. Department of State to build the Keystone XL pipeline, which would transport crude oil from the oil sands region of Alberta, Canada, to refineries in the U.S. Gulf Coast and Midwest region. Keystone XL would have the capacity to transport 700,000 barrels a day (bpd) and can deliver crude to the oil market hub at Cushing, OK, and further to points in Texas. The project is expected to cost approximately $7.0 billion, of which an estimated $5.4 billion would be spent on the U.S. portion of the pipeline.