An independent study conducted by the Perryman Group highlights the significant ongoing benefit to the U.S. economy of a more stable, consistent and reliable supply of oil. When completed, the Keystone Pipeline System is expected to provide five per cent of current U.S. petroleum-consumption needs and represent nine per cent of U.S. petroleum imports. Once permitted and completed, the Keystone Gulf Coast Expansion project will supply roughly half the amount of oil the U.S. currently imports from the Middle East or Venezuela.
- Local economies within the route will benefit from increases in tax revenues and business activity associated with temporary construction work in the area, and local property taxes will be paid on a continuing basis.
- Of even greater significance is the ongoing benefit to the U.S. economy of a more stable source of consistent energy supply over an extended time horizon.
- Even with new technologies, oil discoveries, alternative fuels, and conservation efforts, the US will remain dependent on imported energy. Therefore, initiatives which improve the stability and security of imports are important both to the economy and to national security.
- Given that the US cannot produce sufficient energy to meet domestic needs, energy security is essentially the ability to obtain necessary imported energy from sources that are stable and friendly to US interests.
- A stable environment with incremental supplies from reliable sources leads to lower costs, thereby putting downward pressure on prices.
- Some aspects of the energy transportation system are nearing capacity, and future demand may be difficult to accommodate. Without timely investments, congestion through transportation systems can result in supply interruptions and other problems. In fact, many of the crude oil and petroleum products pipelines in the country are operating near capacity.
- Ensuring the availability of this critical resource is crucial to the future performance of the US economy, particularly in cases where it provides access to additional petroleum resources.