Keystone XL Pipeline
Keystone XL Pipeline is an oil pipeline across Canada and the U.S. The pipeline is an extension to the old pipeline, with bigger capacity, and longer distance traveled, from Alberta, Canada, all the way to Texas, U.S.
Pros:
The existing pipeline can only transmit 590k barrels of oil per day. The new system can accommodate up to 830k barrels per day. That’s an increase of 140% capacity than before (more than double).
The project will inject 2 billion dollars of economic benefits into the U.S. (estimation)
Keep the oil prices competitive so OPEC would never able to raise the price per barrel over $100
The project will create about 42k job opportunity.
The U.S. will have better oil independence, which may directly boost the economy.
Cons:
The process of extracting tar sand, which is where these Canadian oil came from, produces 18% more carbon dioxide as its byproduct than the conventional way of extracting oil.
To extract oil out of tar sand, tar sand has to be boiled. The process creates chemical waste and pollution to the environment, which could pollute waterways.
The pipeline will run though sovereign lands of several indigenous tribes, and will displace thousands of people who live on the projected route.
The senate has already approved the construction of the Keystone XL pipeline, but since the pipeline crosses an international border, TransCanada (the oil company) needs a presidential permit to actually begin the construction. So the final decision comes down to President Obama.
https://www.youtube.com/watch?v=RU-Y_VEhbj8
http://www.transcanada.com/oil-pipelines-projects.html