ZUBRIN: Keystone XL rejection weakens America and strengthens her enemies – Washington Times

ZUBRIN: Keystone XL rejection weakens America and strengthens her enemies – Washington Times.

The United States is by far the world’s leading oil importer. Thus, it follows that when the price of oil goes up, our economy is severely taxed and, therefore, it goes down. Indeed, every oil price increase for the past four decades, including those in 1973, 1979, 1991, 2001 and 2008, has been followed shortly afterward by a sharp rise in American unemployment.

It is in this light that the extreme malfeasance of the Obama administration in preventing the implementation of the Keystone XL pipeline becomes apparent. While much has been made of the loss of 20,000 jobs building the pipeline, that is the smallest part of the matter. The real issue is that by forbidding the pipeline, the Obama administration is acting to block the introduction of 270 million barrels per year of Canadian oil into the world market. At current prices above $100 per barrel, this will cause a loss to the North American economy of $27 billion per year, sufficient to create 270,000 North American jobs – at $100,000 per year each. (Canada draws 65 percent of its imports, which amount to 31 percent of its gross domestic product, from the United States. The two nations thus share one economy.)

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