WASHINGTON - After seven years of federal review, the Keystone X-L oil pipeline has been rejected. 

President Barack Obama says he made the decision because the proposed project wouldn't serve U.S. national interests, and would have undercut the country's global leadership on climate change.

Speaking at the White House today, Obama said the pipeline wouldn't have lowered U.S. gas prices or made the country less dependent on foreign energy. And he said it wouldn't have been a long-term job-creator.

He also said the project had taken on an "overinflated role" in U.S. political discourse.

That role is not likely to diminish as the presidential campaign continues for another year.

Obama said both sides of the debate had overstated their claims. He said the pipeline "would neither be a silver bullet for the economy, as was promised by some, nor the express lane to climate disaster proclaimed by others."

Obama also noted that he would travel to Paris in a few weeks to meet with world leaders at an international climate summit.