Mr. President: Keystone XL Approval Would Be 'Powerful Signal'

by AF "Tony" Branco

by Sean Hackbarth, Contributing Author: President Obama’s decision on the Keystone XL pipeline is an “inflection point in our economic recovery,” say business leaders. In a letter to the President, they argue that approving the pipeline that will transport Canadian oil sands crude to U.S. refineries will “send a powerful signal of this Administration’s commitment to getting America back to work.” The letter reads:Investor confidence is shaped heavily by perceptions of business climate – whether governments take actions that enable capital investment and job growth. Studies by your administration have demonstrated that construction of Keystone XL will directly result in the investment of $3.3 billion in the U.S. and support tens of thousands of American jobs, across diversified sectors, which will in turn add billions of dollars to the national and regional economies.The letter goes on to state that the pipeline “would also enhance America’s competitiveness by helping to realize the long-standing goal of increased North American energy security.” The economy would be helped by “creating efficiencies and reducing overall energy prices for households and businesses.” All this would be done with minimal environmental impact, according to a State Department analysis.

Karen Harbert, president and CEO of the U.S. Chamber’s Institute for 21st Century Energy, added in a statement:The American business community and an overwhelming majority of citizens support the Keystone XL pipeline. Hundreds of thousands of miles of pipeline carrying oil, gas and other materials already exist, so there is no reason to further delay Keystone. Businesses understand that it will create jobs and reduce our dependence on oil from unfriendly nations. President Obama should act now.The letter was signed by the U.S. Chamber’s Energy Institute, the National Association of Manufacturers, and the Business Roundtable along with a diverse array of companies including GE, Wyndham Worldwide, Arch Coal, AT&T, and Boeing.

In related news, anti-energy environmental groups, including the Sierra Club, lost their federal court appeal arguing that the southern leg of the Keystone XL pipeline running from Oklahoma to the Texas Gulf Coast shouldn't have been approved. The nearly-completed Gulf Coast Pipeline Project could begin transporting oil by the end of 2013.
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Sean Hackbarth is a blogger at Free Enterprise and does policy advocacy at the U.S. Chamber of Commerce. He is a contributing author at ARRA News Service.

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