TransCanada Corp., Calgary, (Toronto; NYSE: TRP) has welcomed the support of 14 United States Senators for the Keystone XL Pipeline. The bipartisan group of United States Senators joins a growing list of landowners, state and federal officials, labor unions, military veterans, energy experts, economists, business leaders and other supporters in urging the Department of State to take favorable action on the Presidential Permit application for this project. In a letter to Secretary of State Hillary Rodham Clinton, the United States Senators called for approval of the critical Keystone XL project in order to strengthen America's energy security.
The 14 U.S. Senators noted in their letter to the Secretary of State that recent events in Libya and the Middle East have reminded Americans of the country's dependence on foreign oil from those regions. To that end, the Senators stated that:
"Americans are tired of this dependency. Americans first want our country to develop our own domestic resources to supply our energy needs. However, when domestic supply is going to fall short, then Americans want the U.S. to rely on countries like Canada, that are stable allies, to help us meet our energy needs. As such, we write today in support of the Keystone XL Gulf Coast Expansion Pipeline, a project that the Department of State has been considering under a Presidential Permit application since 2008. Now more than ever, it is critical that this country move forward with this project."
Specifically, the Keystone XL Pipeline is projected to:
- Increase the supply of safe, secure and reliable oil from Canada, a
friendly neighbor; - Spur more than $20 billion in new private sector investment in the U.S.
economy; - Create at least 20,000 high-quality jobs during the pipeline's
construction phase; - Generate $6.5 billion in new personal income for U.S. workers and their
families, and - Stimulate more than $585 million in new state and local taxes in states
along the pipeline route.
The Perryman Group of Texas conservatively estimated that the Keystone XL Pipeline will add more than 250,000 permanent jobs for U.S. workers and $100 billion in annual total expenditures to the U.S. economy. Their estimates were based on the 2007 average price per barrel of oil (US $66.52).
Noting that Keystone XL would "provide thousands of high-quality jobs for Americans and invest billions of private sector dollars in our nation's economy," the Senators called the economic benefits of "this shovel-ready, multi-billion dollar private sector project...extraordinarily compelling."
In concluding their letter, the U.S. Senators urged Secretary Clinton to make the Keystone XL Pipeline project a priority:
"Madam Secretary, we cannot let our fellow Americans down by allowing this extraordinary opportunity to bolster the nation's energy security and ignite our economy slip away. Accordingly, we respectfully urge you to expeditiously conclude the review process, issue a final environmental impact statement and approve the Presidential Permit for Keystone XL."
The U.S. Senators who signed the letter to Secretary Clinton and the relevant Senate committees they serve on are:
- Senator Mary Landrieu, (D -Louisiana), Committee on Energy and Natural
Resources; Committee on Homeland Security and Governmental Affairs;
Appropriations Subcommittee on Energy and Water Development;
Appropriations Subcommittee on Dept. of the Interior, Environment, and
Related Agencies; Chair of Appropriations Subcommittee on Dept. of
Homeland Security - Senator John Barrasso, (R - Wyoming), Committee on Energy and Natural
Resources; Committee on Environment and Public Works; Committee on
Foreign Relations - Senator Max Baucus, (D - Montana), Committee on Environment and Public
Works; Chair of EPW Subcommittee on Transportation and Infrastructure;
Chair of Committee on Finance - Senator John Hoeven, (R - North Dakota), Committee on Energy and Natural
Resources; Appropriations Subcommittee on Dept. of the Interior,
Environment, and Related Agencies - Senator Pat Roberts, (R - Kansas), Finance Subcommittee on Energy,
Natural Resources and Infrastructure; Ranking Member of Committee on
Agriculture, Nutrition, and Forestry and Member of its Subcommittee on
Energy, Science and Technology - Senator Kay Bailey Hutchinson, (R - Texas), Ranking Member of Committee
on Commerce, Science, and Transportation; Ranking Member of
Appropriations Subcommittee on Commerce, Justice, Science, and Related
Agencies; Member of Appropriations Subcommittee on Energy and Water
Development - Senator Jerry Moran, (R - Kansas), Appropriations Subcommittee on Dept.
of Homeland Security; Appropriations Subcommittee on Transportation and
Housing and Urban Development, and Related Agencies - Senator Mark Begich, (D - Alaska), Committee on Commerce, Science, and
Transportation; Committee on Homeland Security and Governmental Affairs - Senator Lisa Murkowski, (R - Alaska), Ranking Member of Committee on
Energy and Natural Resources; Ranking Member of the Appropriations
Subcommittee on Dept. of the Interior, Environment, and Related
Agencies; Member of Appropriations Subcommittee on Energy and Water
Development; Appropriations Subcommittee on Dept. of Homeland Security;
Appropriations Subcommittee on Commerce, Justice, Science, and Related
Agencies - Senator Ron Johnson, (R -Wisconsin), Committee on Homeland Security and
Governmental Affairs; Appropriations Subcommittee on Dept. of the
Interior, Environment, and Related Agencies; Appropriations Subcommittee
on Commerce, Justice, Science, and Related Agencies - Senator John Cornyn, (R - Texas), Finance Committee; Ranking Member of
Finance Subcommittee on Energy, Natural Resources, and Infrastructure - Senator Orrin Hatch, (R - Utah), Ranking Member of Finance Committee
- Senator Roy Blunt, (R - Missouri), Appropriations Subcommittee on Dept.
of the Interior, Environment, and Related Agencies; Committee on
Commerce, Science, and Transportation; Ranking Member of Commerce
Subcommittee on Competitiveness, Innovation, and Export Promotion - Senator Mike Enzi, (R-Wyoming), Subcommittee on Energy, Natural
Resources, and Infrastructure of Committee on Finance
