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President Obama’s pronouncement Tuesday that the Keystone XL pipeline would only be approved if it produced no net change in greenhouse gas emissions was no surprise to Tom Steyer.

A few days earlier, the billionaire hedge fund manager — and big Obama donor — had warned the president not to “trade” action on greenhouse gases for approval of Keystone XL. The warning was delivered as Steyer launched a summer-long social media campaign “We Love Our Land,” with a goal to kill Keystone and keep Canadian oil bottled up in the tar sands.

“We really cannot afford 40 to 50 years of development of a humongous oil reserve that’s twice as bad — soup to nuts — as normal crude,” Steyer told a gathering at the National Press Club.

But critics have accused Steyer of hypocrisy.