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Exactly. The land owner owns the land. The company owns the pipe. The landowner is compensated for his troubles (nicely I might add)
TransCanada Tries To Seize U.S. Land For Keystone Pipeline - Forbes
This article from forbes doesn't make it sound like they are going to still own their land. Nor does it sound like this is being down by the government. But a private foreign business.
Why would we allow a private foreign business to use imminent domain in the us?
Think about it.
We would essentially control enough oil, about all of North Americas production. This would almost completely offset the ME, Russia and Venezuela and all of the instability associated with them.