However, Kingston also cited a note from ClearView Energy analyst Kevin Book who said Obama might act first. "The State Department could approve the project to rob the GOP of an early-session victory lap," Book said in a research note to clients.
Either way, "It would be good for the sector," added Kingston on CNBC's "Street Signs." "There are big concerns in the industry that oil might be stranded if it's totally dependent on rail." The pipeline would address the issue.
Also, Kingston said he thought the new Congress would be friendlier to energy exports, especially after BHP Billiton moved forward to export lightly processed ultra-light U.S. oil without explicit permission from the government.
"I think we'll see that more companies don't really need government permission for exports; the ruling from the Commerce Department will stand," Kingston said.
Read MoreBHP to export US oil without permit
Kingston was referencing a ruling made earlier in the year, in which the U.S. Commerce Department told Pioneer Natural Resource Co and Enterprise Product Partners that they could export processed condensate.
And Kingston added that after the midterm election, he thought New York Governor Andrew Cuomo would likely relax the state's fracking ban. "The state senate also went Republican," Kingston said. "Maybe he won't do it statewide, but I see the restrictions being relaxed."