Gerard argued that North America could become energy self-sufficient within fifteen years. But the API chief said moving in that direction would provide more immediate economic benefits.
“We can create a million new jobs in the United States over the course of the next seven years. We can generate another $127 billion to the Federal Treasury without raising any taxes in the next ten years.”
Gerard said White House approval of the Keystone XL Pipeline is critical to achieving energy self-sufficiency. The pipeline would link the Alberta tar sands with Houston and Port Arthur, providing the US with a steady supply of Canadian crude oil.
“That’s sitting on the President’s desk. We’re hopeful he’ll make a decision in the next thirty to sixty days. There’s really no reason why that pipeline should not be approved.”
Earlier this week, Houston Congressman Gene Green sent a letter to President Obama, co-signed by twenty-one other House Democrats, endorsing the Keystone XL pipeline. The pipeline has encountered stiff political opposition from environmental groups, as well as a number of House Democratic leaders.
Image courtesy of U.S. Department of State