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Keystone Denial Demonstrates Need For New Energy Markets

Keystone Denial Demonstrates Need For New Energy Markets


Canadian Chamber Report

“The decision denying the Keystone XL pipeline proposal deepens America’s dependence on hostile or unreliable suppliers and will cost U.S. jobs,” says Canadian Chamber of Commerce President Perrin Beatty. “Canada should continue to press for a positive decision to build Keystone, but it’s also time to diversify our energy markets.”

The U.S. State Department rejected TransCanada Pipeline’s proposal. While TransCanada has announced its intention to apply for a permit for a modified route, the announcement delays a final decision until after the 2012 U.S. presidential election. The project was initially delayed after the state department postponed its decision under pressure from U.S. activist groups. The initial Keystone project was approved in 693 days, but the debate on the current project has already taken almost double this time.

Keystone XL would create 20,000 jobs and reduce America’s dependence on energy from unstable suppliers in the Middle East and South America. Canada is already the largest source of energy for the U.S. and Keystone XL would allow Canadian oil to replace U.S. purchases from unstable suppliers.

“In the past year we’ve seen enormous volatility among U.S. oil suppliers, with the exception of Canada. Canada’s enormous energy resources will be brought to market. The only issue is whether the United States will be the customer,” added Beatty.

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