NTU urges all Senators to vote “Yes” on S. 1, the Keystone XL Pipeline Act, which would authorize construction of the Keystone XL pipeline and bring with it tens of thousands of jobs in many sectors of the economy.
The pipeline would have the potential to deliver an additional 500,000 barrels of oil a day from Canada, our largest and most stable trading partner, injecting our economy with billions of dollars in additional activity. A January 2014 report from the State Department detailed that “construction contracts, materials, and support purchased in the U.S. would total approximately $3.1 billion,” with another $233 million that would be spent on construction camps for workers, altogether adding $3.4 billion to our GDP. The ongoing anemic economic recovery and stagnant wages make the Keystone XL pipeline project all the more urgent.
The pipeline has repeatedly cleared environmental and regulatory hurdles. The same State Department report echoed previous assessments, raising no significant red flags that should hinder the construction of Keystone XL. Further, the report pointed out that other transmission methods of oil from Canada’s oil sands could potentially create greater environmental risks. One alternative, moving the crude oil by train, posed a threat of increased likelihood of spills as well as a greater potential for “injuries and fatalities.”
Further, NTU urges all Senators to vote as follows amendments to S. 1:
- “No”: #125, Merkley (D-OR): This amendment would single out energy producers for higher taxes in several ways: by limiting their ability to avoid double taxation via dual capacity tax protections, eliminating the expensing of the cost of intangible drilling and carving out a prohibition on the utilization of the Section 199 manufacturing tax credit.
- “Yes”: #15, Cruz (R-TX): This amendment would expedite exports of liquefied natural gas, unlocking new markets and reducing unnecessary regulatory hurdles confronting this industry.
- “No”: #23, Heitkamp (D-ND): This amendment would extend the wind production tax credit (PTC) an additional five years. The wind PTC artificially props up an industry, distorts the energy market and increases electricity costs in many states.
Roll call votes on the above legislation and amendments will be included in our annual Rating of Congress.