President Barack Obama announced on Friday that he rejected a proposal from a Canadian company to build a Keystone XL oil pipeline.

While speaking at the White House, the president said that he will not approve the 1,179-mile pipeline that would have transported over 800,000 barrels a day of carbon-heavy petroleum from the Canadian oil sands across the middle of the United Sates to the Gulf of Mexico. According to him, the pipeline, which has been heavily opposed by environmental activists, would have put a damper in his legacy on combating climate change.

"America is now a global leader when it comes to taking serious action to fight climate change, and frankly approving this project would have undercut that leadership," Obama said at the press conference.

Following a seven-year review process, Obama said, "The State Department has decided the Keystone XL pipeline would not serve the interests of the United States. I agree with that decision."

The president also debunked myths about the pipeline, saying it would not do much to improve the U.S. economy or lower gas prices.

"While our politics have been consumed by a debate about whether or not this pipeline would create jobs or lower gas prices, we've gone ahead and created jobs and lowered gas prices," Obama added.

Republicans point out that the controversial bill would create an estimated 42,000 jobs for American workers. However, environmentalists argue that the mass majority of those jobs would be temporary, whereas only about 50 would be permanent. Activists also say the pipeline could cause devastating damage to the environment and contribute to climate change.

In response to Obama's speech, House Speaker Paul Ryan, R-Wisc., released a statement calling the president's decision "sickening."

"By rejecting this pipeline, the president is rejecting tens of thousands of good-paying jobs. He is rejecting our largest trading partner and energy supplier. He is rejecting the will of the American people and a bipartisan majority of the Congress. If the president wants to spend the rest of his time in office catering to special interests, that's his choice to make. But it's just wrong. In the House, we are going to pursue a bold agenda of growth and opportunity for all," said Ryan.