President’s delays on Keystone XL compromise American energy security, cost jobs and dollars

WASHINGTON D.C. — The Institute for Energy Research announced today its full support for immediate development of the Keystone XL pipeline, and has placed on the organization’s website a ticker representing the money that President Obama’s delay will send overseas so long as Americans cannot access Canadian oil through the proposed pipeline.

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“At this point, the greatest obstacle to American jobs and energy security is President Barack Obama. With oil at $100 a barrel — and the Keystone XL’s ability to deliver around 700,000 barrels a day from Canada — the President’s delay and indecision means that Americans will be sending approximately $70 million overseas every day that the pipeline isn’t active,” according to IER Senior Vice President for Policy, Dan Kish. “IER believes the American people have a right to know how much money the Obama administration would rather spread around the world’s unstable oil regimes than spend with our closest trade partner, Canada. The American economy runs on oil. If we don’t buy it from Canada — or produce it right here at home — we are forced to import it from overseas and forego tens of thousands of American jobs that the pipeline will support.” IER began calculating the dollars that will be sent overseas beginning two years from the day of President Obama’s first announced delay — November 10, 2011. TransCanada has projected that pipeline construction would take two years from approval. IER’s pipeline ticker will demonstrate exactly what the cost of the President’s delay will be, and precisely how much money American consumers will spend unnecessarily on overseas oil without Keystone XL. To access the Keystone XL Cost widget for digital reproduction, click here.