Finance Minister Joe Oliver says stalling the Keystone XL pipeline project will harm American energy security and the economies of both the U.S. and Canada.

Oliver says he is disappointed the U.S. administration is choosing to once again delay a decision on the heavily studied project.

The U.S. State Department announced last Friday that it wants to give federal agencies more time to review the $5.4-billion proposal by Calgary-based TransCanada. 

The U.S. government says it won't issue a permit for the pipeline to cross the border for now while the proposed route is being disputed in the Nebraska court system.

Oliver says the energy security of the U.S. depends on having multiple sources of oil and relying too heavily on Venezuela poses risks due to that country's hostility to the American government.

Oliver says delaying the project also delays thousands of jobs being created.