API backs bipartisan Congressional bill for timely Keystone XL Pipeline decision that will create thousands of American jobs

WASHINGTON JUNE 16, 2011 ─ Today API strongly backed the bipartisan North American-Made Energy Act that requires the Administration to make a decision on the Keystone XL Pipeline by November 1. The vote by the Energy and Commerce Committee to move the legislation forward is a sign that lawmakers understand the enormous job creating benefits of this shovel-ready project.

“At a time of continued high unemployment, the Keystone XL Pipeline will help drive the U.S. economy in the right direction by creating thousands of new American jobs,” said API Executive Vice President Marty Durbin. “It will also increase our energy security by increasing our access to America’s number one source of imported oil: Canada.”

The economic benefits of investing in Canadian oil are significant. According to the latest CERI (Canadian Energy Research Institute) study employment in the U.S. supported by new oil sands investments is expected to grow to 465,000 jobs and generate $521 billion for the government by 2035. For every two jobs supported in Canada, one job will be supported in the U.S.

The Keystone XL pipeline will be the most modern and technologically advanced pipeline to be built. It will be lined with hundreds of state of the art sensors to instantly detect any malfunctions.

“The industry is committed to protecting the public and environmental resources,” said Durbin. “And, the industry is ready to help unemployed Americans get back to work.”

Since 1990 GHG emissions associated with every barrel of oil sands crude produced have been reduced by 29% in Canada. In fact, even the State Department’s Supplemental Draft Environmental Impact Statement said that from a global perspective, the project is not likely to result in additional GHG emissions.

“The Keystone XL pipeline is one of the biggest job creating projects out there and we urge the administration to approve it this year,” concluded Durbin.

API thanked U.S. Reps. Lee Terry (R-Neb.) and Mike Ross (D-Ark.) for their bipartisan effort to enhance both our energy security as well as our economic security.

API represents more than 470 oil and natural gas companies, leaders of a technology-driven industry that supplies most of America’s energy, supports 9.2 million U.S. jobs and 7.7percent of the U.S. economy, delivers $86million a day in revenue to our government, and, since 2000, has invested over $2 trillion in U.S. capital projects to advance all forms of energy, including alternatives.