As I travel throughout our congressional district holding town hall meetings, many of you have shared your concern about jobs and the rising cost of gas and energy. High energy prices continue to slow our economic recovery. We must be able to control our own energy future, but that will never happen as long as we are dependent on Middle Eastern oil for our way of life.
Some say we need to drill more here at home and others say we need to invest in alternative and renewable energies. I think we can sensibly do both.
Unfortunately, too much of our oil comes from overseas, threatening our energy and national security. In fact, our country spends just over $300 billion a year importing energy from other nations, particularly from the Middle East. The unrest in Libya and the indecisiveness of OPEC are simply more proof that it is in our nation’s financial and national security interests to reduce our dependence on Middle Eastern oil as soon as possible.
This summer, I introduced a bipartisan bill, along with Congressman Lee Terry of Nebraska, to expedite the analysis and decision process regarding the construction and operation of the Keystone XL pipeline, which would carry crude oil from Canada to refineries along the Gulf of Mexico. I fought hard to pass this bill in the House Energy & Commerce Committee, of which I am a member, and, on July 26, I was proud the full U.S. House of Representatives passed this legislation with bipartisan support and sent it to the Senate for consideration.
The Keystone XL pipeline would allow millions of barrels of Canadian oil supplies to flow into U.S. markets. Specifically, the bill requires President Obama to issue a final Presidential Permit decision by November 1, 2011. The pipeline has been the subject of more than 30 months of consideration and a coordinated review by more than a dozen federal agencies. All other cross-border pipelines which have received Presidential Permits have taken between 18 and 24 months.
Completion of the Keystone XL pipeline would bring about one million barrels of North American oil per day to U.S. markets. Construction of the pipeline expansion is estimated to directly and indirectly create more than 100,000 private-sector jobs. In fact, the International Brotherhood of Teamsters, the Laborers’ International Union of North America, the International Union of Operating Engineers and the United Association of Journeymen and Apprentices of the Plumbing and Pipefitting Industry of the U.S. and Canada wrote a letter to Congress urging the passage of the bill arguing the project will generate $6.5 billion in income for workers.
This is a straightforward action the government can take to create private-sector jobs here in America, boost economic development and lower the price of fuel for all Americans. The federal government has dragged its feet for way too long on this project and we are simply asking that it set a timetable and make a decision by November 1, 2011.
The high costs of gas and other forms of energy continue to make it harder for Arkansas's working families to make ends meet. The truth is we will never fully revive our economy until we lower gas prices in the short term and stabilize gas prices in the long term. As your Congressman, securing our nation’s energy future and lowering the price of energy for all Americans will continue to be one of my top priorities.
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