The Biden administration has released a congressionally mandated report on the economic impact of the President’s decision to cancel the Keystone XL Pipeline. Thousands of jobs could have been created, but the report reveals that the opportunity was lost. After being mandated to do so by the Infrastructure Investment and Jobs Act, the Department of Energy (DOE) published its report (pdf) quietly in December.
The Keystone XL project was halted by an executive order signed by Biden on his first day in office. According to him, the pipeline “disregards the national interest of the United States.”. It would undermine his administration’s efforts to address climate change.
Costs
Over a two-year construction period, Keystone XL would have created between 16,149 and 59,469 temporary jobs, if Biden had not canceled the project. It was estimated that the project would have a positive impact on GDP between $9.61 billion and $3.12 billion. A range of $20.93 billion to $6.01 billion was estimated for business sales.
Since the project’s proposal, crude oil prices have fluctuated, making Biden’s decision to revoke the permit “inconclusive.”
Montana Input
Sen. Steve Daines (R-Mont.), whose state would have been a major beneficiary of the project, issued a statement,
The Biden administration finally owned up to what we have known all along—killing the Keystone XL Pipeline cost good-paying jobs, hurt Montana’s economy and was the first step in the Biden administration’s war on oil and gas production in the United States [1].
Daines continued,
Unfortunately, the administration continues to pursue energy production anywhere but the United States. These policies may appeal to the woke left but hurt Montana’s working families [2].
Environmentalists and his supporters hailed Biden’s decision to halt the work on the Keystone Pipeline.
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Notes:
- ^https://www.theepochtimes.com/mkt_app/biden-adminstration-admits-keystone-cancellation-cost-tens-of-thousands-of-jobs_4966942.html?utm_source=Morningbrief&src_src=Morningbrief&utm_campaign=mb-2023-01-07&src_cmp=mb-2023-01-07&utm_medium=email&est=QcEvENTGWMTlV%2BPnAytFKKTqU5KVqHg9954QF68MzNAbnWAOt7wmnrQC2wyBlbwIPeT6 (go back ↩)
- ^https://www.theepochtimes.com/mkt_app/biden-adminstration-admits-keystone-cancellation-cost-tens-of-thousands-of-jobs_4966942.html?utm_source=Morningbrief&src_src=Morningbrief&utm_campaign=mb-2023-01-07&src_cmp=mb-2023-01-07&utm_medium=email&est=QcEvENTGWMTlV%2BPnAytFKKTqU5KVqHg9954QF68MzNAbnWAOt7wmnrQC2wyBlbwIPeT6 (go back ↩)
