Skip to comments.Texas-Oklahoma segment of Keystone spouts big dividends, says study
Posted on 06/26/2014 4:46:16 PM PDT by Hojczyk
A new study claims that a just-built 485-mile stretch of the Keystone XL pipeline has been a huge economic boon for two dozen rural and poor Oklahoma and Texas countiesand will create the same significant impact in five other states if the projects long stalled northern segment ever wins White House approval.
As the debate rages over the future of the $5 billion mega-project, a team of university researchers has released a report showing the economic benefits of Keystones Gulf Coast Pipeline, which just opened in January after 17 months of construction, linking Cushing, Okla., and Nederland, Tex. The study by the Maguire Energy Institute at Southern Methodist University says the pipeline has pumped $3.6 billion into the Texas economy and $2.1 billion into the Oklahoma economy, while creating thousands of jobs directly and indirectly. It has also boosted tax revenues by millions of dollars, according to the study.
Similar state and local economic benefits can be anticipated should the United States give the go-ahead for construction of the Keystone XL pipeline from Hardisty, Albert, to Steele City, Neb., the report concluded.
TransCanda Corp. spent $2.3 billion to build the Gulf Coast Pipeline, which generated nearly 5,000 construction jobs. The firm spent $6 million each month, the study said.
Local restaurants, hotels, and businesses experience a significant boost thanks to the construction of the Gulf Coast Project, the report said.
The studys author, Bernard Weinstein, told FoxNews.com the governments in the 24 counties the pipeline crosses collected more than $72 million in tax receipts as a result of the pipeline.
These are small rural counties, and they are also low-income counties, so this project was a real shot in the arm for them, he said.
(Excerpt) Read more at foxnews.com ...
Just to help some of you, Nederland TX is near the upper Texas coastal cities of Beaumont and Port Arthur which do a brisk business in petrochemicals.