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Obama Vetoes Keystone XL Pipeline Bill
An anonymous reader writes: As expected, President Obama has vetoed a bill that would have given the green light for construction of the Keystone XL Pipeline. "By saying no to the legislation, Mr. Obama retains the authority to make a final judgment on the pipeline on his own timeline. The White House has said the president would decide whether to allow the pipeline when all of the environmental and regulatory reviews are complete. ... Since 2011, the proposed Keystone pipeline, which would deliver up to 800,000 barrels daily of heavy petroleum from the oil sands of Alberta to ports and refineries on the Gulf Coast, has emerged as a broader symbol of the partisan political clash over energy, climate change and the economy."
Um, Buffett already makes money hand-over-fist on all kinds of other things already (including railroad regardless of whether the pipeline is approved or not). If you think Obama vetoed Keystone XL just so Buffett can make even more money hand-over-fist, you're seriously deluded.
I live ze unknown. I love ze unknown. I am ze unknown.
With all the smoke coming from the left and right, is the Keystone XL pipeline a good or bad idea?
Right now, gas prices are relatively low, but they are rising, and oil will be back in the triple digits soon enough, almost definitely by Memorial Day. So, having the ability to use oil sands is a good thing since oil prices have replaced standard inflation for the reason for price hikes on virtually any type of good/service out there, and once oil starts going to $150-250 a barrel, the economy here in the US will grind to a halt, just like it did in 1972 and 2008. Plus, an oil sands pipeline is a lot cheaper than another theater of conflict in the Middle East.
Of course, there are the downsides of the pipeline:
It paralyzes growth in alternative energies, because medium term to long term, oil needs to be relegated for making plastic, not causing more climate change.
It makes people rich who are not exactly good global citizens. ISIS just destroyed a major part of mankind's history today by torching museums and libraries in Mosul today, and demand for oil just supports nations and groups like that. Oil used now just means wars later.
The record of oil pipelines isn't exactly sterling, with regards to leaks. Assuming it follows most construction done by the absolute lowest bidder, it won't exactly be leak-proof, and it will be a crap-shoot of what the pipeline fouls up.
tl;dr... is this pipeline a net good, or a net bad overall?