House Republicans and oil-industry groups pushed for swift U.S. approval of TransCanada Corp. (TRP)’s proposed Keystone XL pipeline, while foes at a congressional hearing said the project poses a risk to the environment.
“If the president refuses to act on this project, which is clearly in the best interests of the United States, and which will bring tremendous benefits to our country, Congress must act and must do so quickly,” Representative Doug Lamborn of Colorado, chairman of the House Natural Resources Subcommittee on Energy and Mineral Resources, said today at a hearing in Washington on a bill that would approve the pipeline.
Representative Rush Holt of New Jersey, the top Democrat on the panel, said the $5.3 billion project will yield relatively few jobs once complete and expose the U.S. to the potential of a spill. “That sounds like a bad deal to me,” he said.
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