Sunday, September 11, 2011

Cornell University Questions the Economic Benefits of the Keystone XL Pipeline

Claims about the economic benefits of the Keystone XL pipeline have been contradicted by an economic analysis from economists at Cornell University’s Global Labor Institute. The new Cornell fact sheet analyzing the latest economic data about Keystone XL, concludes that the project is far too risky to undertake in a fragile economic climate.

“The idea that Keystone XL is a “game changer” in terms of generating jobs and stimulating economic growth is a massive overstatement … However, building the Keystone XL pipeline represents a serious and long term commitment (valued at $14 billion) on the part of the U.S. to dirty fossil fuels—a commitment that will having a chilling effect on economic activity based on clean and renewable energy,” the report said.

In addition, the risk of economic damage from spills and other pollution pose a long term threat to traditional economic activity that has supported local communities along the pipeline route for generations.

Read the entire report here.

© 2011, Richard Matthews. All rights reserved.

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