Transcanada Applies For Keystone XL Pipeline Presidential Permit

Two days after Trump signed an executive order meant to streamline the approval of the mothballed Keystone XL pipeline, which the company said would add more than $3 billion to US GDP and create thousands of construction jobs, moments ago TransCanada announced it has submitted a Presidential Permit application to the U.S. Department of State for approval of the Keystone XL Pipeline, which as Trump vowed, will likely be approved by a fast-tracked procedure, setting off the first big conflict between Trump and the environmental lobby which has vowed to protest Trump's Keystone and Dakota Access pipeline proposals.

From the press release:

TransCanada Applies for Keystone XL Presidential Permit

 

TransCanada Corporation (TSX: TRP) (NYSE: TRP) (TransCanada) announced today it has submitted a Presidential Permit application to the U.S. Department of State for approval of the Keystone XL (KXL) Pipeline. 

 

"This privately funded infrastructure project will help meet America's growing energy needs as well as create tens of thousands of well-paying jobs and generate substantial economic benefit throughout the U.S. and Canada," said Russ Girling, TransCanada's president and chief executive officer.

 

"KXL will strengthen the United States' energy security and remains in the national interest. The project is an important new piece of modern U.S. infrastructure that secures access to an abundant energy resource produced by a neighbor that shares a commitment to a clean and healthy environment. Numerous studies have shown that pipelines are a safer and more environmentally sound way to transport oil to market than trains and KXL raises the bar on both fronts," concluded Girling.

 

Enhanced standards and the utilization of the most advanced technology will help ensure KXL will be built and operated to uphold our fundamental commitment to safety and the communities we serve.

 

Independent forecasts by the U.S. Department of State estimate that KXL will support tens of thousands of direct and indirect jobs and associated income during construction and contribute approximately $3.4 Billion to U.S. GDP.

 

TransCanada employees live in 38 states where the company operates in across the U.S. The company is committed to working productively with all stakeholders and tribal leaders as this project moves forward. KXL will benefit American workers, their families and the communities they live in as well as the U.S. economy. During construction, in Nebraska, South Dakota and Montana alone, KXL will generate hundreds of millions of dollars in employee earnings as well as tens of millions of dollars annually in local tax revenues providing much needed funds for community schools, hospitals, first responders and roads.