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Saturday, Aug. 30, 2014

All of the Above: Bring Down Gas Prices

Posted Friday, March 2, 2012, at 2:15 PM

Dear Friend,

Gas prices are too high. The increase in prices at the pump is up 9 percent over the past month, to a national average of $3.73 a gallon. I am afraid a gallon of gas this summer might get up to five dollars.

This is why we need the Keystone pipeline -- more energy and jobs. The construction and manufacturing of the more than 1,600-mile-long pipeline would create an estimated 20,000 new jobs. Local businesses along the pipeline route would benefit from an estimated 118,000 spin-off jobs. Benefits would flow to our economy from the reliable, affordable energy that would be brought from our neighbor to the north.

Moving oil from the Midwest to the state-of-the-art refineries on the Gulf Coast will modernize our infrastructure, create jobs, and encourage American energy production. High gas prices affect us all. I will do everything I can to help put Americans back to work and help them save money at the pump.

On another note, next week the House of Representatives is taking up the JOBS (Jumpstart Our Business Startups) Act, of which my bill, H.R. 3606, serves as the base bill. The JOBS Act is a bipartisan legislative package designed to jumpstart our economy and restore opportunities for America's primary job creators: our small businesses, startups, and entrepreneurs.

On average, 92 percent of a company's job growth occurs after an IPO. It is imperative we reduce regulations to help these small companies create private jobs for Americans.

Sincerely,

Stephen L. Fincher


Comments
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CONGRESS SHOULD PASS LEGISLATION FOR CANADIAN PIPE LINE AND OPEN OF DRILLING OFF GULF AND EVERY AMERICAN TERRITORY WHERE OIL IS AND DARE OBAMA TO VETO IT

-- Posted by jlcslccoker@att.net on Sat, Mar 3, 2012, at 7:47 PM

As an independent, I supported expediting the Keystone pipeline, with the belief that it would bring more secure oil and lower gas prices to America. And as an independent, I've looked beyond my assumptions to discover that they were false.

TransCanada sold Keystone to its investors as a plan to export its petroleum products to foreign markets. When the shale oil reaches Port Arthur Texas, most of it will be refined into diesel and exported. Keystone will not increase America's supply of oil and gasoline; it will reduce our domestic supply of both oil and gasoline. When Keystone is completed, oil and gas prices in America will not go down; they will go up.

Here are the facts. America is producing more oil while consuming less oil and refined gasoline. According to the laws of supply and demand in Adam Smith's "The Wealth of Nations," oil and gas prices in America should be going down. But they are going up. Why? Prices are going up, because increased exports are lowering domestic supplies. Completing Keystone XL will continue that trend of more export, less supply, and higher prices.

-- Posted by i-think on Sun, Mar 4, 2012, at 7:19 AM

And here's another thing. That jobs number(20,000) I stated in my earlier post is wrong, so kindly allow me to correct it. TransCanada's official application for the pipeline permit claims that 5,500 to 6,500 temporary American jobs will be created. Those numbers were made available by the State Department to our Congress. But our Congressmen now tell the media that 20,000 jobs will be created. How is that happening?

It's happening because our politicians are stating numbers supplied by foreign lobbyists, not numbers supplied by our own State Department. TransCanada paid some folks to gin up higher numbers for their Washington lobbyists, so they concocted an accounting scheme called job years to double the job numbers. If one job lasts more than one year, they counted it as two jobs.

Let's talk security. TransCanada bought el cheapo(reported as defective) pipe from India to construct Keystone. The shale extract must be diluted with water and chemicals, heated and pressurized in the pipeline, an engineering nightmare. The completed line through Michigan already averaged one spill per month in the first year of operations. One of those spills has leaked 800,000 gallons into the Kalamazoo River. The cost for that fix is approaching $700 million, and it is still not cleaned up. Now Republicans in Congress criticize the President for not signing a blank check approval to extend the pipeline to export facilities in the Gulf, when they should know that will increase the price Americans pay for gasoline at the pump.

-- Posted by i-think on Sun, Mar 4, 2012, at 8:15 AM

As an independent thinker, I find the sales pitch for the Keystone XL pipeline troubling. Many job numbers are deceptively doubled with "job year" statistics, and some of the numbers are backcounted by including jobs for sections already completed...as if finished jobs would be lost if Keystone XL does not go forward. That's not true.

The completed section of Keystone pipeline now terminates in mid-America. It is now operating and supplying Canadian shale oil to refineries in mid-America, which in turn supply diesel and gasoline to Americans. However, if the XL pipeline section to refineries on the Gulf coast is completed, much of TransCanada's shale oil will be refined and then EXPORTED out of America, to markets with higher prices like Europe and Latin America(some say even China). We know the refined products will not stay in America when Keystone XL is completed, because investor reports of TransCanada and the refineries state their intentions to EXPORT them. That is their reason for building Keystone XL, to export. So completing Keystone XL will reduce oil supplies to American consumers. TransCanada's shale oil won't be going TO America; it will be going THROUGH America, through a foreign owned pipeline to largely foreign owned refineries to foreign markets...tax free because Port Arthur Texas is an international free trade zone. No federal, state, or local taxes will be collected on the shipments. Predictably, gas and diesel prices in America should go up, and jobs should be lost...because of the increased expense of doing business.

After looking into this issue, what I think is the exact opposite of what I am told to think by our elected U.S. Senators and Representatives. Their arguments for granting a foreign oil company the authority to take away American homes under eminent domain just do not bear up under examination of the true facts and foreseeable consequences.

-- Posted by i-think on Thu, Mar 8, 2012, at 9:57 AM

Congressman Fincher's blog should be titled "Bring Up Gas Prices." That is the purpose of Keystone XL. Reputable sources estimate that completing Keystone XL will add 2.6 billion dollars to the fuel bills of American farmers...and 10 to 20 cents a gallon to American drivers.

http://www.msnbc.msn.com/id/46689167/ns/...

The fact is that current pipelines from Canada are operating far under capacity, meaning that they could carry increased shipments. Keystone XL is not even needed to transport more Canadian oil to mid-America's regional refineries. It's needed to link Canadian supplies to export facilities and higher international prices(Brent). Here's another kicker; Keystone XL will also link West Texas crude to those export facilities. Right now, both West Texas Intermediate and Canadian oil trade at regional prices lower than Brent prices. As soon as Keystone XL is completed, the price of both will go up.

-- Posted by i-think on Sat, Mar 10, 2012, at 10:03 AM


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Congressman Stephen Fincher
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Stephen Fincher is the U.S. Representative for Tennessee's 8th congressional district.
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