Bloomberg News: Keystone XL Will Raise Gas Prices

The Keystone XL tar sands pipeline is designed to allow Canadian crude to escape the United States oil market, increasing profits for oil companies and driving up domestic gasoline prices, Bloomberg reports. Producers including Exxon Mobil could make $4 billion more every year if the pipeline increases prices as expected. “The higher crude prices also would erase the discount enjoyed by cities including Chicago, Cheyenne and Denver,” an energy analyst told Bloomberg. In February, Republican legislators — including those whose constituents would be hit by high gas prices if the pipeline is built — voted against an amendment that would have prevented TransCanada from selling Keystone XL crude to the export market.

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