WASHINGTON (MarketWatch) — President Barack Obama “welcomes” TransCanada’s TRP +0.95% decision to build a pipeline to bring crude oil from Cushing, Oklahoma, to the Gulf of Mexico. “As the President made clear in January, we support the company’s interest in proceeding with this project, which will help address the bottleneck of oil in Cushing that has resulted in large part from increased domestic oil production, currently at an eight year high. Moving oil from the Midwest to the world-class, state-of-the-art refineries on the Gulf Coast will modernize our infrastructure, create jobs, and encourage American energy production,” the White House said in a statement. TransCanada also said it intends to submit a new application for a pipeline from Nebraska to Canada once a new Nebraska route has been identified. “We will ensure any project receives the important assessment it deserves, and will base a decision to provide a permit on the completion of that review,” the White House said