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Keystone XL Pipeline Project has the potential to reduce the amount of oil America imports from Venezuela, the Middle East and other unstable regions of the world by up to 40 per cent. This will be oil that is produced in North America, by companies that employ thousands of American and Canadian citizens, under strong government regulation that is in place to protect the environment and respect human rights.
The U.S. consumes more than 15 million barrels of oil each day. About 60 per cent of that oil (eight to nine million barrels) must be imported from other countries. Top suppliers of crude oil to the U.S. are Canada (29%), Saudi Arabia (14%), Venezuela (11%), Nigeria (10%) and Mexico (8%).
Despite growing domestic oil production, both the U.S. Energy Information Administration and the International Energy Agency have forecast that the U.S. will continue to import 3.5-to-7.5-million barrels per day into the year 2035, to meet American demand.
Keystone XL Pipeline will have the capacity to transport 830,000 barrels per day of crude oil from Canada and the continental United States to refineries on the Gulf Coast, where it can displace much of the higher-priced oil those refineries currently import from overseas. This view is backed up by a December, 2010 U.S. Department of Energy study which states: “Increased Canadian oil imports will help reduce U.S. imports of foreign oil from sources outside of North America”
We have dedicated one-quarter of Keystone XL’s capacity to transport light crude oil produced in the U.S. Bakken region of Montana and North Dakota.
The Canadian Energy Research Institute (CERI) estimates that growing production from Canada’s oil sands will increase U.S. economic output by $45 billion per year until 2035 and that one out of every three jobs created by oil sands development will be in the United States. Several large American-based companies are already active in oil sands development, including the Canadian branches of ExxonMobil, ConocoPhillips, Chevron and Devon.
Read more about Keystone XL and energy security on our blog:
Shipper Application and Accounting
Visit the Keystone Shipper Information page on TransCanada.com