Of course it should be built, but I disagree with Republicans who think the politics of this are bad for the President--e.g., our friends at Powerline. Obama's premise is that he has either lost the economy/jobs issue, or it can be at least neutralized by improving unemployment numbers. In any case, he absolutely must have the enviros with him. Once again Obama shows he is much more clever at politics than his decent but often impulsive opponents.
Update: Joel Kotkin's two economies (regulatory NIMBY and dirty manufacturing) analysis supports my point.