TransCanada welcomes the support of business leaders calling for approval of Keystone XL

TransCanada agrees with top business leaders who are speaking out in favour of the Keystone XL pipeline project.

The CEOs, presidents and chairpersons representing a diverse group of industries, including members of the National Association of Manufacturers, the Business Roundtable and US Chamber of Commerce have sent a letter to President Barack Obama emphasising the importance of Keystone XL to the broader US economy and urging him to approve construction of the 1179 m pipeline project that has now been under government review for more than five years.

"As these prominent business leaders said in their letter to President Obama a positive decision on Keystone XL would materially affect both the rate of economic growth and America's competitiveness," said Russ Girling, TransCanada's President and Chief Executive Officer.

Economic benefits

The letter makes the point to the President that: 'Studies by your administration have demonstrated that construction of Keystone XL will directly result in the investment of US$ 3.3 billion in the US 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. Approving this investment will send a powerful signal of this Administration's commitment to getting America back to work.'

Job creation

Girling points to the U.S. Department of State's Draft Supplemental Environmental Impact Statement on Keystone XL released last spring that stated the project would support the creation of over 40 000 jobs in America. This figure includes 9000 construction jobs - work for welders, heavy equipment operators, labourers, pipefitters and many more.

TransCanada is currently winding down construction of its Gulf Coast Project, a pipeline that will transport American and Canadian crude oil from the Cushing, Oklahoma hub to Texas refineries. That project employed an additional 4000 workers in the US.

Energy security

One message Girling has consistently delivered in recent years is the fact Keystone XL will enhance US energy security - pushing out foreign oil from unstable, unfriendly countries that do not have strong environmental regulations and do not support American values.

The 165+ business leaders who signed the letter to President Obama agree:"It [Keystone XL] would enhance America's competitiveness by helping to realise the long-standing goal of increased North American energy security, without spending a single dollar of US government funds. A strong, integrated energy distribution system that spans the continent promises to be a competitive advantage for the US for years to come. The flow of oil, gas and electricity both north and south among the United States, Canada and Mexico directly benefits Americans by creating efficiencies and reducing overall energy prices for households and businesses. Plentiful, affordable energy could rejuvenate the US industrial sector, and encourage investment."

The letter also noted that Keystone XL would be subject to nearly 60 special conditions set by regulators to minimise risks associated with the project and the ultimate net environmental impact of the pipeline would be minimal, as was recognised by the Department of State in separate Environmental Impact Statements issued since 2010.

Adapted from press release by Hannah Priestley-Eaton

Read the article online at: https://www.worldpipelines.com/business-news/10102013/transcanada_welcomes-_the_support-_of_business_leaders_calling_for_approval_of_keystone-_xl/