Facing tougher regulations, TransCanada scraps $12 billion oil pipeline

By Nia Williams and Ethan LouCALGARY, Alberta (Reuters) - TransCanada Corp abandoned its C$15.7 billion ($12.52 billion) cross-country Energy East pipeline on Thursday amid mounting regulatory hurdles, dealing a blow to the country's oil export ambitions.The demise of the pipeline comes less than a year after the Canadian government rejected another export pipeline, Enbridge Inc's Northern Gateway, and is a further setback for Canada's oil industry which is already hurting from low global crude