Last Updated : GMT 00:43:30
Arab Today, arab today
Arab Today, arab today

Keystone\'s economic benefits for US

Arab Today, arab today

Arab Today, arab today Keystone\'s economic benefits for US

New York - AFP

Backers of the controversial $5.3 billion Keystone XL pipeline project weighed by the Obama administration could boost US jobs and energy independence, but critics say the uplift will be short-lived. Opponents of the project to build an 1,980-mile (3,200-kilometer) conduit for oil from Canada's tar sands region to the US Gulf of Mexico coast, also warn that net impacts on US energy supplies and independence will be minimal. A public hearing is set to be held Thursday in Grand Island, Nebraska -- near the halfway point of the north-south pipeline -- to debate the issue as the US State Department, which oversees the US side of the project, collects public input. The State Department will weigh the input and make a final recommendation to President Barack Obama in the coming months. While the environmental impact of the project is in focus for many critics, its advantages for the sluggish US economy, with unemployment still a high 7.6 percent, is also a key issue. In its March impact statement on the project, the State Department estimated that the project in its construction phase would support 42,100 annual jobs over a period lasting one to two years, including 3,900 positions in direct construction. But over the longer term, Keystone would add just 35 permanent and 15 temporary jobs, mainly for routine maintenance. Such gains have "negligible socioeconomic impacts," the State Department concluded. US labor leaders say the huge investment to build the pipeline would give a needed boost not only to the construction industry, but to steel and other suppliers. But environmentalists counter that those jobs gains are minor compared with the sorts of benefits that are possible with similar investments in wind, solar and other renewable energies. There is less debate on whether Keystone will lead to lower gasoline prices for American consumers. The Canadian oil is expected to be refined as much for export as domestic supplies. US refiners on the Gulf Coast are already refining crude into gasoline at increasing amounts for export. Domestic pump prices would still be influenced by the global market price for oil, analysts say. "As long as the US has to import crude and pay global prices, then that's what's going to set the gasoline prices," said Jackie Forrest, a senior director at energy consultancy IHS CERA. "So with or without Keystone XL, it's going to be the same situation." Where Keystone could have the greatest economic impact is on the US energy mix. Advocates of the pipeline note that importing the Canadian crude would allow the US to reduce imports from other countries, such as Venezuela, which produces a similar type of heavy oil. That could jibe with US ambitions to become energy self-sufficient in North America. For Canada, the gains are clearer. Oil companies plan billions of dollars of new investment in the oil sands. The US rejection of Keystone XL would threaten a key market. Keystone XL is a "linchpin" for the oil industry's plans in Canada, Natural Resources Defense Council attorney Anthony Swift told a US congressional panel earlier this month. The oil industry's expansion plans "cannot take place without the approval of the Keystone XL tar sands pipeline as a major avenue to the needed new markets for tar sands crude," Swift said. Backers of the pipeline argue that the Canadian deposits will be developed regardless of what happens to Keystone XL. The fuel could be delivered by rail from Canada to the US. And Canada could also build new pipeline capacity to the west coast of Canada, where it could be exported to China. "The oil sands are the economic engine that will be driving the Canadian economy for the next 50 years," Alexander Pourbaix, president for energy and oil pipelines at Keystone project developer TransCanada, told the congressional hearing. "The only question is which market will get it."

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today keystone\s economic benefits for us Arab Today, arab today keystone\s economic benefits for us


Arab Today, arab today
Arab Today, arab today Adidas Originals ‘reinterpreted’

GMT 14:52 2016 Thursday ,01 December

Adidas Originals ‘reinterpreted’
Arab Today, arab today Holiday magic is everywhere

GMT 13:04 2016 Saturday ,03 December

Holiday magic is everywhere
Arab Today, arab today Paris's matchbox apartments

GMT 10:37 2016 Saturday ,24 September

Paris's matchbox apartments
Arab Today, arab today First buses take Aleppo residents back

GMT 07:33 2016 Monday ,05 December

First buses take Aleppo residents back
Arab Today, arab today What next after landmark

GMT 09:01 2016 Saturday ,03 December

What next after landmark

GMT 11:05 2016 Saturday ,03 December

OPEC daily basket price for Thursday, 1st December 2016

GMT 04:12 2016 Saturday ,03 December

Oil stages biggest weekly rally since 2009

GMT 20:01 2016 Friday ,02 December

OPEC daily basket price announced for Wednesday

GMT 23:55 2016 Thursday ,01 December

Oil jumps 13 percent as OPEC finalizes output cut deal

GMT 20:53 2016 Thursday ,01 December

Kuwaiti Oil Price Goes up to $42.69 pb

GMT 10:54 2016 Thursday ,01 December

OPEC daily basket price for Tuesday, 29th November, 2016

GMT 10:11 2016 Thursday ,01 December

Oil prices surge nearly 10% in New York after OPEC deal
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Dino-killing crater shows clues

GMT 14:43 2016 Thursday ,24 November

Dino-killing crater shows clues
Arab Today, arab today Dubai Women Establishment delegation

GMT 13:00 2016 Monday ,05 December

Dubai Women Establishment delegation
Arab Today, arab today To battle Japanese whaling fleet

GMT 11:53 2016 Monday ,05 December

To battle Japanese whaling fleet
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Hyundai allows Saudi journalists

GMT 15:14 2016 Thursday ,01 December

Hyundai allows Saudi journalists
Arab Today, arab today Latest Infiniti QX to compete

GMT 13:16 2016 Saturday ,26 November

Latest Infiniti QX to compete
Arab Today, arab today Trump, politics on the mind

GMT 12:58 2016 Friday ,02 December

Trump, politics on the mind
Arab Today, arab today Green groups pressure Spain

GMT 13:01 2016 Thursday ,01 December

Green groups pressure Spain

GMT 11:44 2016 Thursday ,01 December

Austria's race against time

GMT 08:00 2016 Saturday ,03 December

For Yazidi women left behind

GMT 04:15 2016 Thursday ,30 June

World's largest uncut diamond fails

GMT 13:01 2016 Tuesday ,29 November

Car manufacturers to power Europe

GMT 15:59 2015 Wednesday ,27 May

Seoul elevates gardening to high art

GMT 12:39 2016 Saturday ,26 November

Skin patch could help kids

GMT 13:19 2016 Monday ,21 November

New nationalism stoking fears

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 09:53 2016 Sunday ,15 May

OMEGA official timekeepers
Arab Today, arab today
Arab Today, arab today
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Powered and Developed by FilmMatters

Copyright © 2016 Arabtoday

Developed by FilmMatters

© 2016 Arabtoday

arabtoday arabtoday arabtoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabtoday, Arabtoday, Arabtoday