Filed under: Canada, Capitalism, Democrat Corruption, Domestic Policy, Economy, Energy, Law, Politics, Progressivism, The United States | Tags: President Obama, The Keystone XL Pipeline, Truth and Falsehoods
President Obama in an interview with WDAY of Fargo ND, Feb. 26, 2015 — tried to explain his veto of a bill that would have leapfrogged the approval process for the Keystone XL pipeline:
“I’ve already said I’m happy to look at how we can increase pipeline production for U.S. oil, but Keystone is for Canadian oil to send that down to the Gulf. It bypasses the United States and is estimated to create a little over 250, maybe 300 permanent jobs. We should be focusing more broadly on American infrastructure for American jobs and American producers, and that’s something that we very much support.”
Obama has come to believe that he can say whatever he wants and the people will believe it, and it’s getting to be embarrassing.
Infrastructure is just equipment and structures like, well, pipelines. Building infrastructure is a construction job. Construction jobs only last until the structure is complete, and then construction workers move on to the next project. There are around 20,000 high-paying construction jobs in the pipeline and in materials, and the State Department estimates 42,000 spin-off jobs and the addition of $3.5 billion to the economy. Beats losers like Solyndra and the enormous Ivanpah Project.
The crude oil would indeed travel to the Gulf Coast. and be refined there. Most of the refined product is likely to be consumed in the United States. For Gulf refineries heavy bitumen from the oil sands is an attractive substitute for declining offshore heavy crude supply from Latin America. A report from IHS Energy concluded that 70 percent of the refined product would be consumed in the United States. Canadian crude is eligible for crude export licenses. The likelihood that WCSB crudes would be exported in volume is considered low.
TransCanada has signed contracts to move 65,000 barrels a day from the Bakken region of North Dakota and Montana, and about 12 percent of the pipeline’s capacity has been set aside for the Bakken region. U.S companies control about 30 percent of the production in Canada’s oil sands region, so production is not strictly Canadian, But the last time I looked, Canada was our friendly neighbor to the North, and our most important trading partner.
Obama got Four Pinocchios for that speech from the Washington Post Fact Checker.
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