Marc Nozell via Flickr (CC BY 2.0)
Joe Biden has released a pledge that experts say will cost thousands of jobs if he gets his way.
According to The Washington Free Beacon:
Joe Biden will kill the Keystone XL pipeline project if elected, his campaign said Monday, a move that would likely cost thousands of jobs and millions in local tax revenue.
That termination would cost tens of thousands of jobs, which would result in billions of dollars in lost wages, according to estimates published last year by the State Department. Those reductions would in turn cost state and local governments millions in tax revenue, up to 10 percent of annual property tax revenues in 17 counties across three states.
Biden’s announcement is just his latest move to shore up credibility among the Democratic party’s environmentalist base, which has vocally opposed the pipeline since the project was first started in 2010. Doing so, however, will likely further alienate the top Democrat from voters in oil-rich swing states like Pennsylvania—while, one expert told the Washington Free Beacon, likely having little actual impact on fossil fuel consumption.
“Biden promising to revoke Keystone’s approval is a pander,” Josiah Neeley, a senior fellow in energy policy at the R Street Institute, told the Washington Free Beacon, “but unless oil prices recover it’s a meaningless pander, as the tar sands won’t be profitable anyway.”
The State Department has estimated that the pipeline will generate 42,100 jobs.
Image Credit: Marc Nozell via Flickr (CC BY 2.0)