WASHINGTON, April 18, 2012 ─ The American Petroleum Institute applauded the House for continuing to highlight the importance of immediately building the entire Keystone XL pipeline.
“Approving the full Keystone XL pipeline would send a strong signal to the American people and to global markets that the U.S. is serious about providing reliable, secure supplies of energy that could help put downward pressure on fuel prices,” said API Executive Vice President Marty Durbin. “Supply matters; it is a key factor in setting the price of gasoline. Bringing more stable supplies of Canadian oil to the market via KXL makes absolute sense and in the long term may help consumers at the pump.”
Keystone XL has been thoroughly reviewed for more than three years and would bring upwards of 830,000 barrels a day of Canadian oil from Alberta to refiners in the Gulf. Rerouting the pipeline around the sensitive Sand Hills in Nebraska continues to move forward. This week the Nebraska governor signed into law a bill that allows the state to restart its review of the new pipeline route.
“As Nebraska moves closer to defining a new route, President Obama should approve the entire Keystone XL project,” Durbin said. “It’s in our country’s best interest to build this pipeline and create thousands of new American jobs. We’re pleased Congress continues to focus on getting this vital project off the ground, and hope to see it included in a final transportation conference agreement.”
API represents more than 500 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 7.7 percent of the U.S. economy, delivers more than $86 million a day in revenue to our government, and, since 2000, has invested more than $2 trillion in U.S. capital projects to advance all forms of energy, including alternatives.