News / Economy

US Energy Group Wants OK for Keystone Pipeline, Domestic Drilling

The American Petroleum Institute is urging U.S. lawmakers to end what the trade group considers restrictive regulations that it says will lead to greater energy dependence and fewer jobs for American workers.  It also is urging President Obama to approve a giant oil pipeline project from Canada.

The United States has tremendous energy resources if untapped deposits of natural gas and coal are included.

"More than Saudi Arabia, more than Russia, more than China, more than Iran, Iraq, Libya and Kuwait combined," said Jack Gerard, president of the American Petroleum Institute. He told industry executives recently January 4 that the only thing standing in the way of U.S. energy security and the creation of thousands of new jobs is the reluctance by the Obama administration to open up oil and gas exploration.  

The trade group has launched an ad campaign to make energy production an election issue.  The group is also pressuring President Obama to approve a massive pipeline project that would carry 700,000 barrels of Canadian crude oil per day to refineries in Texas.  

"We are hopeful and encouraged that he will make that affirmative decision, thus creating 20,000 new American jobs immediately and facilitate the creation of another half a million U.S. jobs by 2030," Gerard said.

Environmentalists reject that argument. They say the nearly 3,000 kilometer Keystone XL pipeline would cause irreparable harm.  

"We're opposed for environmental reasons, primarily because of the risks associated with spills in the Keystone pipeline," said Pat Spears, who represents a native tribe from South Dakota.

The API argues the $7 billion project would be among the safest in the world. But energy analyst Geoffrey Styles says it's a no-win situation for a president facing competing pressure from unions and environmentalists.

"The move to postpone the decision beyond the election seemed like the best of both worlds, but I think now he's going to be forced to make a choice and, whichever choice he makes, someone is going to be upset with it," Styles said.

On the other hand, Styles says a robust domestic energy program could shield the U.S. from the impact of geopolitical problems in some of the world's biggest oil producing nations.

"Iran threatening to shut down the strait (of Hormuz) because of the actions that are being taken against them, because of their nuclear program, all sorts of different factors. There's issues in Nigeria as well, so you know, it's classic oil market volatility," Styles said.

Oil prices have soared following angry protests in oil-rich Nigeria over the removal of fuel subsidies -- and after Iran's military leaders threatened to retaliate against economic sanctions by shutting down the Strait of Hormuz. The narrow passage is used by international tankers to ship nearly 40 percent of the world's oil.

You May Like

US Investors Eye IPO for China's Alibaba

E-commerce giant handled 80 percent of China's online business last year, logging more Internet transactions than US-based Amazon.com and eBay combined More

Video Uneasy Calm Settles Over Israel, Gaza Strip

As cease-fire begins, Palestinians celebrate in streets; Israelis remain wary More

Video Chinese Doctors Use 3-D Spinal Implant

In treatment of a 12-year-old boy Chinese doctors used a 3-D printer and special software to create an exact replica of vertebra More

This forum has been closed.
Comments
     
There are no comments in this forum. Be first and add one

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Chinese Doctors Use 3-D Spinal Implanti
X
August 27, 2014 4:53 PM
A Chinese boy suffering from a debilitating bone disease has become the first patient with a part of his spine created in a three-dimensional printer. Doctors say he will soon regain normal mobility. VOA’s George Putic reports.
Video

Video Chinese Doctors Use 3-D Spinal Implant

A Chinese boy suffering from a debilitating bone disease has become the first patient with a part of his spine created in a three-dimensional printer. Doctors say he will soon regain normal mobility. VOA’s George Putic reports.
Video

Video Uneasy Calm Settles Over Israel, Gaza Strip

Israel and the Gaza Strip have been calm since a cease-fire set in Tuesday evening, ending seven weeks of hostilities. Hamas, which controls Gaza, declared victory. Israelis were more wart. VOA’s Scott Bobb reports from Jerusalem.
Video

Video India’s Leprosy Battle Stymied by Continuing Stigma

Medical advancements in the treatment of leprosy have greatly diminished its impact around the world, largely eliminating the disease from most countries. India made great strides in combating leprosy, but still accounts for a majority of the world’s new cases each year, and the number of newly infected Indians is rising - more than 130,000 recorded last year. Doctors there say the problem has more to do with society than science. VOA News reports from Kolkata.
Video

Video Northern California Quake: No Way to Know When Next One Will Hit

A magnitude 6.0 earthquake rocked northern California’s Napa Valley on Sunday. Roads twisted and water mains burst. It was the wine country’s most severe quake in 15 years, and while hospitals treated many people, no one was killed. Arash Arabasadi has more from Washington on what the future may hold for those residents living on a fault line.
Video

Video Scientists Unlock Mystery of Bird Flocks

How can flocks of birds, schools of fish or herds of antelope suddenly change direction -- all the individuals adjusting their movement in concert, at seemingly the same time? British researchers now have some insights into this behavior, which has puzzled scientists for a long time. VOA's George Putic has more.
Video

Video Ukraine: Captured Troops Proof of Russian Role in Separatist Fight

Ukrainian officials say they have captured Russian soldiers on Ukrainian territory -- the latest accusation of Moscow's involvement in the conflict in eastern Ukraine. VOA's Gabe Joselow reports from the Ukrainian side of the battle, where soldiers are convinced of Russia's role.
Video

Video Rubber May Soon Come From Dandelions

Synthetic rubber has been around for more than a century, but quality tires for cars, trucks and aircraft still need up to 40 percent or more natural rubber content. As the source of natural rubber, the rubber tree, is prone to disease and can be affected by bad weather. So scientists are looking for replacements. And as VOA’s George Putic reports, they may have found one in a ubiquitous weed.
Video

Video Jewish Life in Argentina Reflected in Yiddish Tango

Jewish people from across Europe and Russia have been immigrating to Argentina for hundreds of years. They brought with them dance music that were eventually mixed with Argentine tango. The result is Yiddish tango -- a fusion of melodies and cultural experiences that is still evolving today. Elizabeth Lee reports from the Skirball Cultural Center in Los Angeles, where one band is bringing Yiddish tango to an American audience.

AppleAndroid

World Currencies

EUR
USD
0.7537
JPY
USD
103.79
GBP
USD
0.6032
CAD
USD
1.0957
INR
USD
60.522

Rates may not be current.