President Obama has kept his name in the news recently as he winds down the final 761 days of his second term as President of the United States. Most recently, he spoke about the Keystone Pipeline, stating that every report he has read shows the benefit would be overwhelming for Canadian oil companies and would have nearly no benefit for the United States. The response falls in line with his historic downplay of the economic benefits of the project. Whether his decision is to veto the plan or allow it, his final choice may rely on which side of the fence he wants to accommodate or anger.
According to Fox News, President Obama spoke briefly about the Keystone Pipeline during his year end press conference, and stated that it is not “a magic formula to what ails the U.S. economy.” He also stated, in regards to those who support the pipeline and claim it will have a significantly positive effect on the Unite States economy, that it is “hard to see where exactly they’re getting that information from.” During the press conference, President Obama claimed the Keystone Pipeline would overwhelmingly benefit Canadian oil companies, with a barely nominal effect for U.S. consumers. He did not share from where his supporting information was derived.
A spokesman for the Keystone Pipeline, Shawn Howard, feels that President Obama is only sharing half of the proposed impact of the project, and claims it will help both American and Canadian economies.
“The Keystone system is about helping our Canadian and American customers — which includes leading U.S. oil producers and refiners — get a safe, secure and reliable supply of crude oils they need to create products we all need — gasoline, diesel, aviation fuels and many other products we use and consume here in North America.”
He continued, “After being approved, Keystone XL will employ thousands of skilled American pipeline industry workers in the United States.”
Shawn Howard also shared that there are no plans to export oil from the Keystone Pipeline overseas.
Market Watch shared that the project will be reviewed when Congress convenes in January. It is expected that Republicans will overwhelmingly pass the bill to allow its construction. Although President Obama did not exclusively say that he would veto the bill, he did not welcome the opportunity for the Keystone Pipeline to become a reality.
Reporters asked President Obama how he would react to the bill, if passed. Seemingly ready for vacation, he responded with an open ended retort.
“I’ll see what they do. Take that up in the new year.”
[Photo Courtesy: MNN]