When asked about the pipeline, President Obama responded, “Understand what this project is: It is providing the ability of Canada to pump their oil, send it through our land, down to the Gulf, where it will be sold everywhere else. It doesn’t have an impact on U.S. gas prices.”
The editorial at the Wall Street Journal points out:
Someone should tell the President that oil markets are global and adding to global supply might well reduce U.S. gas prices, other things being equal. A tutor could add that Keystone XL will also carry U.S. light oil from North Dakota‘s Bakken Shale. So even if he thinks that bilateral trade only helps Canada, he’s still wrong about Keystone.
…Mr. Obama routinely entreats Congress to spend taxpayer money on “infrastructure” to create jobs, yet he implies that the 1,179-mile Keystone infrastructure project won’t create jobs.
Chances are that President Obama will veto the bill that passed the House and Senate regarding the Keystone Pipeline. The only reason the Senate allowed the bill to be brought up was to help Senator Landrieu win re-election. I am not sure the bill would have been brought up if the Democrats were not sure the President would veto it. I doubt enough Democrats will actually support the bill to override that veto. It would be nice if they did. Keystone would be a wonderful way to boost the American economy without charging Americans more taxes.