VIDEO: Chairman Fred Upton Discusses the Keystone XL Pipeline on Squawk Box
WASHINGTON, DC - House Energy and Commerce Committee Chairman Fred Upton (R-MI) appeared on CNBC’s "Squawk Box" this morning to talk about the Keystone XL Pipeline and prospects for its approval. Upton is a member of the House-Senate conference committee addressing transportation and infrastructure legislation; he discussed the conference as an opportunity to provide a path forward on the pipeline, which will create jobs and strengthen America’s energy security. To watch the interview, click here.
On Whether the Keystone XL Pipeline Will Get Approved:
"I think that there ought to be a pretty good chance that it will be approved. Frankly, they are running out of excuses of why not to build this thing. They are in essence moving the route further away from the sand hills aquifer in Nebraska. We use oil sands from Canada. We refine it in other refineries around the country. There's no reason not to do this one. Add 20,000 jobs, direct jobs, more than 100,000 indirect jobs. We're a country that consumes about 18 million barrels a day for transportation. We only produce seven or eight million. This is going to go China if we don't build it here."
On the Keystone XL Pipeline Supporting Energy Security and Economic Recovery:
"This is why this project frankly ought to be a no-brainer. Not only does it create jobs - direct and indirect jobs - it also reduces our reliance on oil- it's a national security issue, it reduces our reliance on countries that aren't quite so friendly to us, whether it be Venezuela or certain countries in the Middle East. Canada is our best friend. They want to export this oil to us. They don't necessarily want to send to it China, but at some point they are going to say, gosh, the U.S. has been studying this for three years now. It's a privately built pipeline, $7 billion project. If the U.S. doesn't want it even though they get oil sands from other places in Canada, even though we refine it in places like Detroit and other places around the country, if they don't want it, we'll just build that pipeline to the west and the Chinese will take it all and the Chinese will be very willing to take it all. In fact, there was a report in the Wall Street Journal just a couple of weeks ago, front page that in essence they were planning to spend as much as $5 billion to take it instead of having it come here."
To learn more about the Keystone XL Pipeline and House Republicans’ efforts to promote job creation and energy security, visit the American Energy Initiative here.