WASHINGTON, D.C.--(Marketwire - Oct. 19, 2011) - TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada) today announced that a group of twenty-two Democratic members of the United States House of Representatives urged U.S. President Barack Obama in a letter to ensure that the Presidential Permit for the Keystone XL Pipeline project is issued because of the project's economic, energy and national security benefits.
The group, which includes the Honorable Gene Green (D - 29th Congressional District of Texas) who is the Ranking Member on the House Subcommittee on Environment and the Economy joins a growing list of landowners, state and federal officials, labor unions, military veterans, energy experts, economists, business leaders and other supporters urging favorable action on the Presidential Permit application for this project.
In their letter to President Obama, the House Democrats stated that:
"…Mr. President, America needs the Keystone XL Pipeline. It is in our national interest to have a Presidential Permit issued for Keystone XL as soon as possible. America truly cannot afford to say "no" to this privately funded, $20 billion, jobs-creating infrastructure project, which would bolster our economic, energy and national security. To that end, we respectfully urge you to ensure that the Presidential Permit is issued for Keystone XL."
Specifically, the Keystone XL Pipeline is projected to:
- Increase the supply of safe, secure and reliable oil from Canada, a friendly neighbor,
- Spur more than $20 billion in new private sector investment in the U.S. economy,
- Create at least 20,000 high-quality jobs during the pipeline's construction phase,
- Generate $6.5 billion in new personal income for U.S. workers and their families, and
- Stimulate more than $585 million in new state and local taxes in states along the pipeline route.
In addressing the energy security benefits of the proposed project, the Democratic lawmakers noted in their letter to President Obama that Keystone XL "fits squarely within the parameters of the energy security speech you gave on March 30, 2011," which recognized that imported oil would remain an important part of America's energy portfolio until alternative energy strategies are fully in force and that America should look to neighbors like Canada for such oil. They added that the project would, "help strengthen our country's energy and national security by importing stable, secure oil from our friendly neighbor Canada and allowing our nation to decrease imports of higher priced "conflict oil" from regions such as the Middle East and Venezuela, which are not friendly to the United States and do not share our values."
In concluding their letter, the House Democrats called attention to the extensive and comprehensive nature of the review process, stating that Keystone XL has been:
"…the subject of an exhaustive three-year, multi-agency review process, which the Department of State has led. This thorough and fair review has included an examination of the pipeline's impact on America's economy, environment, energy supply, national security, safety and routing. … The Department of State has also held more than 25 meetings with interested groups – both supporting and opposing the project. It has also obtained input from interested citizens across the country during the Environmental Impact Statement comment periods and the public meetings held throughout the country over the last few weeks."
The 22 House Democrats who signed the letter to President Obama include:
Rep. Jason Altmire, (D – 4th/PA), Transportation and Infrastructure Committee
Rep. Joe Baca, (D – 43rd/CA), Agriculture Committee
Rep. John Barrow, (D – 12th/GA), Energy and Commerce Committee
Rep. Dan Boren, (D – 2nd/OK), Natural Resources Committee
Rep. Leonard Boswell, (D – 3rd/IA), Transportation and Infrastructure Committee
Rep. Robert Brady (D – 1st/PA), Armed Services Committee
Rep. Jim Costa, (D –20th/CA), Natural Resources Committee
Rep. Henry Cuellar, (D – 28th/TX), Agriculture Committee & Homeland Security Committee
Rep. Charlie Gonzalez, (D – 20th/ TX), Energy and Commerce Committee
Rep. Al Green, (D – 9th/TX), Financial Services Committee
Rep. Gene Green, (D – 29th/TX), Energy and Commerce Committee
Rep. Ruben Hinojosa, (D – 15th/TX), Education and the Workforce Committee
Rep. Tim Holden, (D – 17th/ PA), Transportation and Infrastructure Committee
Rep. Shelia Jackson Lee, (D – 18th/TX), Homeland Security Committee
Rep. Daniel Lipinski, (D – 3rd/ IL), Transportation and Infrastructure Committee
Rep. Tim Matheson, (D – 2nd/UT), Energy and Commerce
Rep. Bill Owens, (D – 23rd/NY), Agriculture Committee, Armed Services Committee and Small Business Committee
Rep. Collin Peterson, (D – 7th/MN), Agriculture Committee (Ranking Member)
Rep. Mike Ross, (D – 4th/AR), Energy and Commerce Committee
Rep. Peter Visclovsky, (D – 1st/IN), Appropriations Committee
Rep. Mark Critz (D – 12th/ PA), Armed Services
Rep. Carolyn McCarthy (D – 4th /NY), Education & the Workforce; Financial Services
To read the full letter sent to President Obama, please open this embedded link: http://www.transcanada.com/docs/Key_Projects/democratic_support_keystone.pdf
With more than 60 years experience, TransCanada is a leader in the responsible development and reliable operation of North American energy infrastructure including natural gas and oil pipelines, power generation and gas storage facilities. TransCanada's network of wholly owned natural gas pipelines extends more than 57,000 kilometres (35,500 miles), tapping into virtually all major gas supply basins in North America. TransCanada is one of the continent's largest providers of gas storage and related services with approximately 380 billion cubic feet of storage capacity. A growing independent power producer, TransCanada owns or has interests in over 10,800 megawatts of power generation in Canada and the United States. TransCanada is developing one of North America's largest oil delivery systems. TransCanada's common shares trade on the Toronto and New York stock exchanges under the symbol TRP. For more information visit: www.transcanada.com or check us out on Twitter @TransCanada.
This publication contains forward-looking information relating to TransCanada's and its subsidiaries' future financial and operational plans and outlook (such statements are usually accompanied by words such as "anticipate", "expect", "would" or similar). All forward-looking statements reflect TransCanada's beliefs and assumptions based on information available at the time the statements were made, are given as of the date of this publication, and are subject to important risks and uncertainties. Readers are cautioned not to place undue reliance on this forward-looking information. TransCanada undertakes no obligation to update or revise any forward-looking information except as required by law. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to TransCanada's Management's Discussion and Analysis dated February 14, 2011 under TransCanada's profile on SEDAR at www.sedar.com and other reports filed by TransCanada with Canadian securities regulators and with the U.S. Securities and Exchange Commission.