TransCanada moves ahead on eastern oil pipe

TransCanada Corp. (TRP-T 48.66 -0.13 -0.27%) is taking the next big step on an ambitious plan to bring oil sands crude to Canada's east coast, asking potential shippers for firm commitments to move oil on the proposed line.

The Energy East Pipeline project has won endorsement from politicians across the country who see it as providing a market for western producers and a way of getting Canadian oil to domestic refineries that now rely on high-priced imported crude.