18 March 2013 05:38 [Source: ICIS news]
SAN ANTONIO, Texas (ICIS)--The US government should take a free market approach in considering the fate of the proposed Keystone XL Pipeline, a trade association said on Sunday.
“Let the market decide what’s the most efficient way to move the crude and product,” said Jim Mahoney, chairman of the American Fuel & Petrochemical Manufacturers (AFPM) in a news conference before the group’s annual meeting.
The proposed 1,179-mile (1,897-km) pipeline would cross the border between Canada and the US, transporting crude oil from Hardisty, Alberta, to Steele City, Nebraska, and eventually to the refineries along the US Gulf Coast.
“We ought to be embracing it as an opportunity for the economy, jobs and the country,” Mahoney said.
Earlier this month, the US Department of State released an Environmental Impact Statement saying the approval or denial of the project is unlikely to have a substantial impact on the rate of development in the oil sands or on the amount of heavy crude oil refined in the Gulf Coast area.
President Barrack Obama’s administration’s decision is not expected until about mid-year.
AFPM’s annual meeting runs from Sunday through Tuesday.
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