Friday, April 08, 2011

Obama Blocking Canada Oil Pipeline

In addition to locking up our domestic production of oil and gas, Obama, buttressed by environmental extremists, is blocking the construction of the Keystone XL pipeline project.  The proposed pipeline would efficiently and economically transport 1.1 million barrels of oil per day from Alberta to Texas.  If brought to fruition, it would help transport roughly 10% of our daily oil imports.  The proposed pipeline would also create 20,000 jobs and bring in billions of dollars in royalties and tax revenue to cash strapped states.  Additionally, it would decrease our dependency on terrorist oil by replacing a substantial share of our imports with oil produced by our friendly ally.

Thomas Donohue, CEO of the U.S. Chamber of Commerce penned an op-ed in the Wall Street Journal along with his Canadian counterpart, Perrin Beatty, detailing Obama's obdurate obstructionism against the pipeline: 

Unfortunately, this project has been lingering under review by the U.S. State Department since 2008. Despite a thorough environmental review by the State Department last year and an Energy Department study in February of this year—which found that the project should move forward—the Obama administration this month announced another round of environmental studies. They gave no specific reason and set no clear time frame. But more delay only threatens U.S. energy security and postpones the creation of badly needed jobs.....

We should not ignore the economic implications of the Keystone XL pipeline. Building the pipeline will create over 20,000 new American jobs in construction and manufacturing in the short term, and more than 250,000 jobs in the long run, according to estimates by TransCanada. The pipeline would also generate needed revenue for states and local communities, including $585 million in taxes and more than $5 billion in property taxes over the projected 100-year operating life of the pipeline. These jobs and revenue are critically needed as America continues its economic recovery. 

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