Bloomberg: Keystone Pipeline's Policy Significance Now "Close To Nil"

Alan: The nation needs overdue infrastructure repair-and-expansion, a process that would create immeasurably more jobs than Keystone Pipeline.

According Forbes Magazine, Keystone will result in only thirty five (35) permanent jobs and perhaps 5 thousand short-lived construction jobs. http://www.forbes.com/sites/energysource/2013/05/10/pipe-dreams-how-many-jobs-will-be-created-by-keystone-xl/

By way of comparison, Obama's bailout of Detroit added 14,000 permanent jobs along with thousands of collateral jobs saved by not going "belly up."

Notably, interest rates are close to historical lows making this "moment" an unprecedentedly good time to borrow money for necessary investment, loans that will "pay off" faster than any other job-generating initiative.

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For the U.S. economy, at least, the pipeline is less relevant than ever. "Falling oil prices and an improving job market conspire to weaken any practical or political payoffs. ... 'This allegedly important policy issue has become almost nothing but politics, save for those who build and operate it, on both sides,' said Burdett Loomis, a political science professor at the University of Kansas who tracks energy issues. 'Its policy significance comes close to nil, especially in our current oil environment.'" Jim Snyder and Billy House for Bloomberg.

Policymakers have debated the merits of the Keystone XL pipeline for six years now, despite the fact that the project remains largely symbolic with limited effects on the economy or the environment.

The Environmental Protection Agencyrecently suggested that the pipeline had taken on new practical significance. As oil prices decline, the agency argued, producers in Alberta's tar sands would become more dependent on the pipeline to be able to profitably transport bitumen to refineries. With the finished product selling for less on the market, the additional cost of transporting the raw material by train instead could become prohibitive.

Yet Michael Levi, a scholar at the Council on Foreign Relations, writes that the reality might be more complicated. For one thing, Canadian authorities might take steps to subsidize tar sands operations if oil prices continue to slide. For another, inexpensive oil is discouraging all kinds of extraction all over the world. If the pipeline isn't built, drilling firms in the United States -- as just one example -- might increase production again to make up for some of the difference.

Political significance may be the only kind Keystone XL has, but symbolism is important, too. The years of debate have mobilized hundreds of thousands of environmental activists, and the movement has a greater chance of influencing the presidential debate next year than it would have without the pipeline as a rallying point.

1. Top story: Keystone bill passes House

The House has passed the Keystone XL bill. "On a 270-152 vote that fell mostly along party lines, the House approved the bill, which has already cleared the Senate. The measure will now head to Obama's desk. The president has vowed to veto the measure." Sean Sullivan in The Washington Post

So now the ball is in President Obama's court. "The only mystery left is when and how Obama will announce the veto. It could be a tricky situation for the president, who might not want to be overly confrontational with Democrats and labor groups that back constructing the pipeline." Cristina Marcos and Timothy Cama in The Hill.