Dear Chairman Boxer and Chairman Mica,
As you commence your work on maintaining vital American transportation investments, Business Roundtable urges you to vote “Yes” on the provision included in the House-passed version of the transportation bill that would expedite approval of the Keystone XL pipeline extension.
Business Roundtable CEOs, who lead companies that collectively employ more than 14 million Americans and generate over $6 trillion in annual revenues, believe that Congress and the Administration should do everything they can to accelerate U.S. job creation and economic growth. That is why America’s CEOs strongly support swift approval of the Keystone XL pipeline extension.
Approval would trigger a $7 billion business investment in the construction of 1,300 miles of new pipeline, 30 pump stations, and hundreds of access roads, which could deliver more than 800,000 barrels per day of North American oil to U.S. Gulf Coast refineries – enough to displace one-third of the oil currently imported from the Middle East.
According to the Canadian Energy Research Institute, the Keystone XL pipeline extension would create 85,000 new U.S. jobs, generate more than $70 billion in total wages and contribute an additional $150 billion to U.S. GDP between now and 2035.
The Keystone XL project is an environmentally responsible infrastructure project that has passed an exhaustive, three-year federal environmental review. There is no good reason to further delay this important energy project. Delay only continues to deny jobs to American workers.
If America continues to take a pass on new, reliable, and affordable energy supplies from North America, China is ready to step in and buy the oil. As The Wall Street Journal reported last week, a major international pipeline company is ready to build an additional pipeline to Canada’s West Coast and dredge a new channel in Vancouver Harbor to deliver North American oil to China – oil that should be delivered to U.S. refineries via the Keystone XL pipeline extension.
A vote for Keystone XL is a vote for jobs, economic growth, and greater energy security for America.
Thank you for your attention to this vital issue.
Business Roundtable Keystone XL Pipeline Ad