Oil Industry Chief Believes Obama Will Back Keystone Pipe

American Petroleum Institute President Jack Gerard said he believes President Barack Obama will approve the Keystone XL Pipeline this year, after another environmental-impact study of the proposal is complete.

“When it’s all said and done, the president will approve the pipeline,” Gerard said today in an interview on Bloomberg Radio’s “The Hays Advantage” with Kathleen Hays and Vonnie Quinn. “It’s a very important part of the broader infrastructure necessary to make the United States more energy secure.”

Obama may approve the $5.3 billion TransCanada Corp. (TRP) project as early as July, Gerard said. Critics of the plan including The Sierra Club and Natural Resources Defense Council said they’ve collected more than 1 million comments against the pipeline, which they assert will exacerbate global warming and threaten water supplies.

“We have a long track record that shows it’s a safe technology -- as we continue to improve it, it will become even safer,” Gerard said. “There’s never been a case of groundwater contamination as a result of hydraulic fracturing.”

To contact the reporter on this story: Justin Doom in New York at jdoom1@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.