With gas prices low, is Keystone still needed?

Thursday, December 18, 2014
 | 
Chris Woodward (OneNewsNow.com)

The Keystone XL pipeline is back in the news, due in part to one senator's promise to bring up legislation next year – and the opinion that Keystone may no longer be needed.

Incoming Senate Majority Leader Mitch McConnell (R-Kentucky) said this week that legislation to approve the Keystone XL pipeline will be among the first set of bills in next year's Senate. He described it as "a job-creating bill that enjoys significant bipartisan support."

Tom Borelli, senior fellow with FreedomWorks thinks McConnell's plan is a "great idea," not to mention "good policy and good politics."

Borelli, Tom (FreedomWorks)"It's one of the first things I believe Republicans should be engaged in," Borelli tells OneNewsNow.

Still, before Senator McConnell made his promise, the Los Angeles Times ran a story saying the Keystone XL pipeline may no longer make economic sense. The Times attributes the opinion to experts including Sandy Fielden with Texas-based RBN Energy, adding that "the problem" involves the cost of extracting oil from Canadian tar sands at the same time that oil prices have dropped to the lowest point in five years.

Borelli says that explanation assumes oil prices will stay where they are at the moment.

"Ultimately, it's a business decision – and it's up for people to decide and companies and corporations, the private sector, whether or not they want to spend their money building a pipeline," he explains. "The problem I have with President Obama is he's putting the government in the way of a good business decision."

The bill to approve Keystone XL has won approval in the GOP-controlled House multiple times, but fell one vote short in the Democratic-led Senate in November. Fourteen Democrats voted in favor of that bill, although some of those senators were not re-elected.

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