13 Mar '12, 5pm

Bitter spill: Keystone leakage is an economic stimulus we can do without, by @BillMcKibben

Cornell’s Global Labor Institute issued a big new report [PDF] this morning examining the proposed Keystone XL pipeline, the most comprehensive look yet at its economic impact. And it makes clear just how right President Obama was to block this boondoggle: It would make money for a few politically connected oil companies, but at a potentially staggering cost to the American economy. For once economists looked at the whole effect of the project. Unlike studies paid for by the TransCanada pipeline company that purported to show thousands of jobs created (a number since walked back to “hundreds” of permanent positions even by company spokespeople), this study asks: What happens when there’s a spill? Not if there’s a spill. There’s going to be a spill — the smaller precursor pipeline recently built by TransCanada spilled at least 14 times in its first year of operation, once s...

Full article: http://grist.org/oil/bitter-spill-keystone-leakage-is-an-...

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