Importance of Keystone Pipeline Discussed by U.S. House of Representatives & Leading ExpertsCrucial need for pipeline project to bolster American energy security
WASHINGTON, D.C.--(Marketwire - April 1, 2011) - At a public hearing of the House Foreign Affairs Subcommittee on the Western Hemisphere yesterday, members of the U.S. House of Representatives heard testimony from policy experts on the "Rising Oil Prices and Dependence on Hostile Regimes: The Urgent Case for Canadian Oil." The hearing, which Representative Connie Mack (R-FL) chaired, highlighted the important economic, energy and national security benefits of the Keystone Pipeline.
"[F]rom a national and energy security perspective, the importance of Keystone XL to U.S. energy security is fundamental and irrefutable," said the Honorable David L. Goldwyn, President of Goldwyn Global Strategies and former U.S. Department of State Coordinator and Special Envoy for International Energy Affairs.
Goldwyn further testified to his belief that "permitting Keystone XL is in the U.S. national interest," citing the following reasons:
"The XL pipeline should be allowed to go forward for energy security, economic security and national security reasons. Energy security is a vital part of national security, and it is a requirement for economic security," testified Paul Sullivan, Ph.D., Professor of Economics at National Defense University and Adjunct Professor of Security Studies and of Science, Technology and International Affairs at Georgetown University.
The Keystone XL Pipeline is projected to:
"[I]t would be a moment of energy security and national security folly to stop this pipeline from being built and operated," testified Professor Sullivan.
"Immediate approval of TransCanada's Keystone Expansion pipeline is of increasing importance given the declining production in Venezuela and Mexico, extensive volatility in the Middle East, rising oil prices and growing constraints in efficiently moving crude oil to major refining centers in the mid-continent and on the Gulf Coast," testified Lucian Pugliaresi, President, Energy Policy Research Foundation, Inc.
Lucian further noted that "TransCanada is expanding Keystone XL's capability by offering Bakken oil producers, located in North Dakota and Montana, a chance to link into the pipeline and send their crude to Gulf Coast refineries for the first time. By increasing transport efficiency and allowing Bakken producers to tap into new Gulf Coast refinery markets, the Keystone XL project will have the added benefit of improving wellhead values for oil production from the Bakken formation. EPRINC estimates that the Keystone expansion would provide net economic benefits from improved efficiencies in both the transportation and processing of crude oil of as much as $600 million annually, in addition to an immediate boost in construction employment."
With more than 50 years' experience, TransCanada is a leader in the responsible development and reliable operation of North American energy infrastructure including natural gas and oil pipelines, power generation and gas storage facilities. TransCanada's network of wholly owned natural gas pipelines extends more than 60,000 kilometres (37,000 miles), tapping into virtually all major gas supply basins in North America. TransCanada is one of the continent's largest providers of gas storage and related services with approximately 380 billion cubic feet of storage capacity. A growing independent power producer, TransCanada owns, or has interests in, over 10,800 megawatts of power generation in Canada and the United States. TransCanada is developing one of North America's largest oil delivery systems. TransCanada's common shares trade on the Toronto and New York stock exchanges under the symbol TRP. For more information visit: www.transcanada.com.
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