Jobs and Economic Impact
Delivering Economic Benefits and Energy Security
An independent economic study finds that construction of the Keystone Gulf Coast Expansion Pipeline project should provide significant, positive contributions to U.S. energy security and the U.S. economy valued at over $20 billion. The Perryman Group study states that the proposed pipeline project should improve U.S. energy security with the ongoing benefit to the U.S. economy of a more stable source of consistent energy supply over an extended period of time.
Creating Economic Growth
The study further concluded that once the pipeline is operational, the states along the pipeline route are expected to receive an additional $5.2 billion in property taxes during the estimated operating life of the pipeline. The $7 billion pipeline project is expected to directly create more than 15,000 high-wage manufacturing jobs and construction jobs in 2011-2012 across the U.S., stimulating significant additional economic activity.
Strengthening U.S. Energy Security
The study also highlights the significant ongoing benefit to the U.S. economy of a more stable, consistent and reliable supply of oil. When completed, the Keystone Pipeline System is expected to provide five per cent of current U.S. petroleum-consumption needs and represent nine per cent of U.S. petroleum imports. Once permitted and completed, the Keystone Gulf Coast Expansion project will supply roughly half the amount of oil that the U.S. currently imports from the Middle East or Venezuela.
Benefits for Nebraska
- More than $465 million in new spending for the Nebraska economy
- More than 7,500 person years of employment
- Increased personal income by $314 million
- Additional state and local tax revenues of more than $11 million
- $390 million in increased Gross State Product