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Keystone rejection destabilizes fragile American economy, creates uncertainty for Canadian manufacturers

Published by Derek Lothian on January 18, 2012

President Obama's decision to reject construction of the proposed Keystone XL pipeline will cost thousands of North American jobs and jeopardizes the future of shared economic prosperity between the world's two largest trading partners, according to Canadian Manufacturers & Exporters (CME).

The announcement, made earlier today at the White House, deals a major blow to manufacturers on both sides of the 49th parallel – particularly at a time when instability is teetering at an all-new high.

"Keystone delivered the promise of a safe and dependable North American energy supply and the opportunity to create good, high-paying jobs – 118,000 south of the border alone," says CME President & CEO Jayson Myers. "Our countries need Keystone to compete on the world stage. It is extremely disappointing that political posturing has gotten in the way of sound industrial strategy."

The United States currently imports more than 2.5 million barrels of petroleum from Canada each day, accounting for roughly 21 per cent of its total annual intake. Completion of the Keystone pipeline would have added 830,000 barrels per day to capacity.

"US communities and US workers need Keystone – and, in broader context, Canadian oil," says Myers, "CME will continue to work with our American business allies in Washington to reinforce the vast economic and social benefits of this project."

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