Rep. Bill Cassidy (R-La.) said Canada’s recent approval of a $6 billion oil pipeline would lead to new jobs and economic development in China rather than the United States.
Canada recently approved a pipeline that will ship 525,000 barrels of oil a day to Asia, most of which will go to China. The project is expected to generate $1.2 billion in tax revenue and $4.3 billion in labor income while adding more than $300 billion to Canada’s gross domestic product over the next 30 years.
“This president’s refusal to build the Keystone XL pipeline is forcing our closest ally to create jobs in China rather than here in the U.S,” Cassidy said. “The Senate should be focused on creating jobs – not enabling the president’s hostility to oil and gas jobs. The president must stop disregarding thousands of workers, the people he is supposed to represent, who want these jobs. American workers are ready to build – the president and (Senator Harry Reid (D-Nev.)) should let them.”
According to estimates, the Keystone XL pipeline would transport 830,000 barrels of oil each day. Its construction would cost $7 billion and create approximately 20,000 direct jobs and 100,000 indirect jobs.
The Keystone XL pipeline’s southern portion, the Gulf Coast Project, is already pumping oil. The northern portion, however, requires a presidential permit because it would cross an international border and has been in regulatory limbo for more than five years.