President Trump boasted Tuesday night that he has created “tens of thousands of jobs” by clearing the way for construction of two major oil pipelines.
That’s not necessarily true.
The bulk of those temporary, two-year jobs – 42,000 of them -- would come from a project that may never get built, the Keystone XL pipeline. Despite Trump’s best efforts to move the project forward, there are serious questions about whether the economics pencil out for the plan to ship oil from the tar sands of Canada to Gulf Coast refineries. The project was conceived at a time analysts predicted that oil prices would be considerably higher than they are now. Amid the cheap barrels of crude flooding the market, investors are rethinking whether it is worth the expense of extracting and shipping the oil from the Alberta tar sands, a very costly endeavor.