NEW YORK The U.S. State Department should conclude its review of the draft supplemental environmental impact statement for the proposed Keystone XL pipeline, executives of TransCanada Corp. said during an earnings conference call July 26.
"Were now closing in on 1,800 days since the review of Keystone XL began," president and chief executive officer Russ Girling said. "It is now time to bring this process to its conclusion.
Girling reiterated that the pipeline would not increase greenhouse gas emissions. "It is just a pipeline," he said, adding that it would not "dictate a growth in supply," as charged by some opponents of the project (amm.com, July 25).
Girling said the United States faces a choice of whether to source oil from friendly nations like Canada or opponents like Venezuala. "For now, the U.S. cannot live without oil," he said.
Once the review is complete, the department will issue a final supplemental environmental impact statement which will be followed by a 90-day national interest determination before a presidential permit decision is made.
The Calgary, Alberta-based pipeline company expects Keystone XL to be in service two years after it is approved, according to its second-quarter earnings statement.
TransCanada has not seen shipping interest wane due to the long approval process, according to Alex Pourbaix, TransCanadas president of energy and oil. "(Keystone XL) is still the most economic route to the Gulf (for Alberta oil producers)," he said.