CALGARY, ALBERTA — (Marketwired) — 10/10/13 — TransCanada Corporation (TSX: TRP) (NYSE: TRP) (TransCanada) agrees with dozens and dozens of top business leaders who are speaking out in favour of the Keystone XL pipeline project. The CEOs, presidents and chairpersons representing a diverse group of industries, including members of the National Association of Manufacturers, the Business Roundtable and U.S. Chamber of Commerce have sent a letter to President Barack Obama emphasizing the importance of Keystone XL to the broader U.S. economy and urging him to approve construction of the 1,179-mile pipeline project that has now been under government review for more than five years.
“As these prominent business leaders said in their letter to President Obama a positive decision on Keystone XL would materially affect both the rate of economic growth and America–s competitiveness,” said Russ Girling, TransCanada–s president and chief executive officer.
The letter makes the point to the President that: –Studies by your administration have demonstrated that construction of Keystone XL will directly result in the investment of $3.3 billion in the U.S. and support tens of thousands of American jobs, across diversified sectors, which will in turn add billions of dollars to the national and regional economies. Approving this investment will send a powerful signal of this Administration–s commitment to getting America back to work.–
Girling points to the U.S. Department of State–s Draft Supplemental Environmental Impact Statement on Keystone XL released last spring that stated the project would support the creation of over 40,000 jobs in America. This figure includes 9,000 construction jobs – work for welders, heavy equipment operators, labourers, pipefitters and many more. TransCanada is currently winding down construction of its Gulf Coast Project, a pipeline that will transport American and Canadian crude oil from the Cushing, Oklahoma hub to Texas refineries. That project employed an additional 4,000 workers in the United States.
One message Girling has consistently delivered in recent years is the fact Keystone XL will enhance U.S. energy security – pushing out foreign oil from unstable, unfriendly countries that do not have strong environmental regulations and do not support American values. The over 165 business leaders who signed the letter to President Obama agree:
“It (Keystone XL) would also enhance America–s competitiveness by helping to realize the long-standing goal of increased North American energy security, without spending a single dollar of U.S. government funds. A strong, integrated energy distribution system that spans the continent promises to be a competitive advantage for the United States for years to come. The flow of oil, gas and electricity both north and south among the United States, Canada and Mexico directly benefits Americans by creating efficiencies and reducing overall energy prices for households and businesses. Plentiful, affordable energy could rejuvenate the U.S. industrial sector, and encourage investment.”
The letter also noted that Keystone XL would be subject to nearly 60 special conditions set by regulators to minimize risks associated with the project and the ultimate net environmental impact of the pipeline would be minimal, as was recognized by the Department of State in separate Environmental Impact Statements issued since 2010.
To read the full letter sent to President Obama, please open this embedded link:
Below is the complete list of business leaders who signed the letter to President Obama:
With more than 60 years– experience, TransCanada is a in the and reliable operation of North American energy infrastructure including natural gas and oil pipelines, power generation and gas storage facilities. TransCanada operates a network of natural gas pipelines that extends more than 68,500 kilometres (42,500 miles), tapping into virtually all major gas supply basins in North America. TransCanada is one of the continent–s largest providers of gas storage and related services with more than 400 billion cubic feet of storage capacity. A growing independent power producer, TransCanada owns or has interests in over 11,800 megawatts of power generation in Canada and the United States. TransCanada is developing one of North America–s largest oil delivery systems. TransCanada–s common shares trade on the Toronto and New York stock exchanges under the symbol TRP. For more information visit: or check us out on Twitter @TransCanada or .
FORWARD LOOKING INFORMATION
This publication contains certain information that is forward-looking and is subject to important risks and uncertainties (such statements are usually accompanied by words such as “anticipate”, “expect”, “would”, “will” or other similar words). Forward-looking statements in this document are intended to provide TransCanada security holders and potential investors with information regarding TransCanada and its subsidiaries, including management–s assessment of TransCanada–s and its subsidiaries– future financial and operation plans and outlook. All forward-looking statements reflect TransCanada–s beliefs and assumptions based on information available at the time the statements were made. Readers are cautioned not to place undue reliance on this forward-looking information. TransCanada undertakes no obligation to update or revise any forward-looking information except as required by law. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to TransCanada–s Quarterly Report to Shareholders dated July 26, 2013 and 2012 Annual Report filed under TransCanada–s profile on SEDAR at and with the U.S. Securities and Exchange Commission at and available on TransCanada–s website at .
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