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Sen. Cornyn introduces legislation to authorize Keystone XL Pipeline
Posted By Tina Grady Barbaccia On January 30, 2012 @ 3:03 pm In Economics,eRoadPro Newsletter | No Comments
U.S. Senator John Cornyn (R-Texas) on Jan. 30 joined a bipartisan group of senators, including Sens. Hoeven (R-N.D.), Lugar (R-Ind.), and Vitter (R-La.), to announce they will introduce legislation to approve the Keystone XL pipeline project following the President’s denial of the permit:
“The Keystone XL pipeline will bring thousands of long-term jobs and energy security to the United States, and will be good for the economy, good for national security, and good for Texas,” said Sen. Cornyn.
The Keystone XL pipeline project has been under review for more than three years, but President Obama rejected it saying the Administration has not had enough time to review the project. The legislation authorizes TransCanada to construct and operate the Keystone XL pipeline from Alberta, Canada, to the U.S. Gulf Coast, transporting an additional 830,000 barrels of oil per day to U.S. refineries. The bill allows the company to move forward with construction of the pipeline in the United States while the state of Nebraska works to determine an alternative route.
According to Sen. Cornyn’s office, the impact on Texas of President Obama’s denial of the Keystone XL Pipeline includes the potential loss of $2 billion in economic output and the potential loss of $41 million in construction tax revenue.
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