| Republicans Push Obama To Veto Keystone XL Pipeline | 14 November 14 |
"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 US gas prices," Obama said recently, according to ABC News. "If my Republican friends really want to focus on what's good for the American people in terms of job creation and lower energy costs, we should be engaging in a conversation about what are we doing to produce even more home grown energy? I'm happy to have that conversation." With Congress voting to approve the long-delayed Keystone XL pipeline, will the tarsands bitumen pipeline make as much a difference as lobbyists expect. Since June, crude oil selling prices have declined by 28 percent, pushing the price that oil from new wells in Canada may command below what the expected cost will be to produce it. Tarsands bitumen extracted from Alberta, which the proposed pipeline would carry to Nebraska, en route to refineries on the Gulf Coast, will cost between $85 and $110 to produce. This depends on which drilling technology is used, according to a report in July 2014 by the Canadian Energy Research Institute, a nonprofit whose work is often cited by Keystone proponents. West Texas Intermediate crude oil currently trades at $76.67.
View Oil Change International A Vote for KXL = Climate Denial page |
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