I agree it's a stunt, but if it's only connecting OK to TX, convince me why I should care about it.
Who would be crazy enough to put money in it, if there is uncertainty as to whether the government will permit its crossing over Nebraska? Would you, unless you were very confident that Obama will be defeated in November?
There are already plans to reverse one pipeline from Cushing to the Gulf Coast. It is really worth it to do a Google satellite view of Cushing, Oklahoma.
Transcanada already has built a pipeline from Canada to Cushing. The reason that it has the current L shape is that Transcanada converted an existing east-west pipeline in Canada, and then dropped down through the eastern Dakotas and across Nebraska. It took a while to get the permits from Canada, because the pipeline was intended to send oil to a foreign country, plus the oil is coming from tar sands.
But once the Canadians approved, it would look pretty foolish for the State Department to announce its opposition because it word auto workers in Ontario, undercut our friends the Saudis, and destroy the environment in Canada that its government doesn't care about.
So Obama needs a pretext.