President Barack Obama’s decision to delay approval of the Keystone Pipeline project is hurting job creation opportunities in the United States, particularly among Hispanics, said officials with the American Petroleum Institute (API) on Tuesday.
The Keystone Pipeline will not only help lower oil prices for U.S. consumers, but have a ripple effect spreading outward from Nebraska and neighboring states to create jobs and help small businesses.
This job creation will be helpful in particular for the U.S. Hispanic population, the unemployment rate for which is one to two points higher than other demographic groups in the United States.
The Los Angeles Times reported in 2010 that the unemployment rate among U.S. Hispanics rose because of their disproportionate unemployment in industries and regions significantly impacted by the economic downturn.
According to a U.S. Department of Labor report, the unemployment rate among Latinos in the United States averaged 11.5 percent in 2011; the most recent unemployment report in February 2012 shows improvement for all Americans, including Latinos, who have seen their unemployment rate decline to 10.7 percent in February from a high of 13.1 percent in November 2010.
In 2011, 5.8 percent of Latinos were self-employed compared to 7.2 percent among whites, partly due to lower educational attainment and less access to financial wealth.
The entry rate of Latinos into self-employment compares favorably to that of non-Latino Whites and their entry rate is even higher compared with whites in low-barrier sectors, according to the Department of Labor report. However, Latinos tend to have lower success rates with their new businesses and exit self-employment at a higher rate than whites.
People of Hispanic or Latino ethnicity represented 15 percent of the U.S. labor force in 2011, or nearly 23 million workers. By 2020, Latinos are expected to comprise 19 percent of the U.S. labor force, according to the U.S. Department of Labor.
API ‘Disappointed’ in Keystone Delay, Impact on Jobs
“We’re disappointed that the current administration doesn’t see how this project doesn’t add up,” said Hispanic Leadership Fund President Mario Lopez during a conference call with reporters, noting that the project appears to be delayed for political reasons.
“Four years ago, Obama promised to push unemployment lower and lead us out of the depression,” Lopez said. “Approval of the Keystone pipeline would demonstrate to all Americans and to Latinos across the country that he cares about jobs and domestic energy.”
API has committed significant resources to support all aspects of the Keystone project.
“The earth hasn’t moved and the geology hasn’t changed,” said API Executive Vice President Marty Durbin, adding that the Keystone pipeline project is “as ready as it can get.”
Durbin said that imports of Canadian oil sands supply to the U.S. Gulf Coast would not create a supply glut, but would displace oil imported from other countries.
Karen Boman has more than 10 years of experience covering the upstream oil and gas sector. Email Karen at firstname.lastname@example.org.
- Republicans say Obama is running out of excuses to delay Keystone pipeline (gds44.wordpress.com)
- Obama to get do-over on Keystone pipeline (cajunconservatism.wordpress.com)
By John Lyons, Wall Street Journal
SAO PAULO, Brazil (Dow Jones)–U.S. President Barack Obama is set to meet with Brazil’s President Dilma Rousseff in Washington on Monday amid optimism for closer ties with South America’s rising economic power.
The issues in play reflect Brazil’s growing economic reach. Brazil’s biggest trade partner these days is China, not the U.S., and U.S. officials want Brazil as an ally in nudging China to let its currency rise. Brazil’s bigger economic presence in regional neighbors such as Venezuela, Ecuador and Cuba could allow Brazil to act as a moderating force in a region that has become more anti-U.S. in recent years.
Mostly, U.S. interests in Brazil are fueled by a growing consensus that the commodity-rich nation has put its history of periodic economic meltdowns behind it and will play a bigger role in world affairs as its economy grows. Brazil passed the U.K. as the world’s sixth-largest economy recently and is seeking a bigger voice in global forums such as the United Nations and the G-20 grouping of big economies.
Indeed, Rousseff’s U.S. trip comes a year after Obama traveled to Brasilia to meet her, a diplomatic overture that, observers say, underscored the Obama administration’s desire to hit the reset button on relations that became strained under Rousseff’s predecessor, Luiz Inacio Lula da Silva.
(This story and related background material will be available on The Wall Street Journal website, WSJ.com.)
Under da Silva, U.S. officials complained, Brazil’s attempts to flex growing economic weight on the global stage often created headaches for U.S. diplomats seeking to resolve regional and global issues. Brazil refused to recognize U.S.-backed elections to resolve a Honduran coup; Brazil opposed U.S.-backed sanctions to prevent Iran from acquiring a nuclear weapon.
Though Rousseff is da Silva’s protege and hails from his left-wing Workers Party, she introduced a more pragmatic foreign-policy agenda tuned to providing direct economic benefits to Brazil, rather than carving out a protagonist role for the nation in the Middle East and elsewhere. The result, observers say, may be fewer distractions as the countries tackle increasingly important economic issues.
Rousseff’s “priority is the domestic economy,” said Tovar Nunes, a senior Brazilian diplomat who acts as a foreign-policy spokesman, in a recent interview.
At their White House meeting, the leaders are expected to discuss a range of issues, from global economics to regional security and the environment.
The U.S. is likely to seek Brazil’s support on regional issues ahead of a summit of hemispheric leaders later this month in Colombia. Some analysts say Brazil will urge Obama to add star power to a major U.N. environmental conference planned for Rio de Janeiro this year. Obama hasn’t yet committed to attend.
All the same, the potential for tense moments remains. Rousseff is expected to criticize an expansive U.S. monetary policy that many in the emerging economies blame for creating imbalances such as overvalued currencies and asset bubbles. Rousseff made a similar complaint to Germany’s Angela Merkel last month. Europe, like the U.S., has interest rates near zero to spur growth.
Not much is expected to be accomplished on long-standing bilateral trade issues. Brazil wants to sell more of its beef, orange juice, steel and sugar to the U.S., but those politically sensitive industries are mostly protected by U.S. policies that are unlikely to budge. The U.S. wants more access to Brazil’s growing economy for manufactured goods, but Brazilian factory owners are already complaining of foreign competition and clamoring for more protections.
One chance for goodwill: The U.S. let its tariffs on ethanol, an important Brazilian industry, expire last year.
But other economic issues have become tricky. Vast new Brazilian oil finds mean the country may become an important source of regional crude as production in Mexico and Venezuela declines. But criminal charges and some $22 billion in lawsuits against Chevron Corp. following a deep-water oil leak last year raise questions about Brazil as an operating environment for U.S. firms.
Meantime, Boeing Co. is competing with manufacturers in France and Sweden for a contract to sell some $30 billion in fighter jets to the Brazilian military. A recent U.S. decision to cancel an order of Brazilian-made military training planes is a strike against the American effort in deeply nationalistic Brazil.
Rousseff’s economic focus may foster deeper ties in unexpected ways. Consider one program, called Science Without Borders, which provides scholarships for thousands of Brazilians a year at top U.S. graduate schools. The immediate goal is to make Brazil more productive. But such exchange programs also pay diplomatic dividends as top-educated Brazilians forge bonds in the U.S.
On Tuesday, Rousseff travels to Boston, where she will visit Massachusetts Institute of Technology and meet with Brazilian scholarship students already studying at Harvard University.
More than any single agreement, Rousseff may be seeking something that was a scarce commodity for the volatile nation in past decades: Respect. The country’s leaders have sought to be treated as a partner with the U.S. to be consulted on important regional issues since U.S. President Dwight Eisenhower visited Brazil in 1960. Brazil has sought a permanent seat on the U.N. Security Council essentially since the council came into existence.
Such demands used to draw mostly laughs. But that has begun to change amid Brazil’s economic growth. Obama is speeding up Brazilian travel-visa applications, in part because Brazilians are starting to outspend Europeans in key U.S. tourist destinations such as New York and Florida.
Dow Jones & Company, Inc.
By gCaptain Staff On April 8, 2012
- Brazil Files Criminal Charges (nalonmit.wordpress.com)
- Brazil Files Criminal Charges Against 17 Executives of Chevron and Transocean Over Oil Spill (the2012scenario.com)
- Follow the money: Brazilian president travels to Cuba and Haiti (csmonitor.com)
- Brazil announces credits of $600m for food, agriculture in Cuba (cbc.ca)
Today President Barack Obama, along with his royally expensive Air Force One entourage, landed in Cushing, Oklahoma–the nation’s oil and gas pipeline capital–for another non-public mainstream media event, designed to stifle the public fury over skyrocketing gasoline prices.
The president once again exclaimed his standard slate of “Obama Lies;” specifically, the U.S. must always rely on foreign oil, because we only have 2% of the world’s oil reserves, but we use 20% of the world’s oil production–therefore, no amount of increase in domestic production can lower the price of gasoline.
“It’s accurate but extremely misleading,” says Dan Kish of [the] Institute for Energy Research, which is supported by the industry. “What he is talking about is oil we already have found,” according to Jim Angle’s excellent FOXNews article yesterday.
Kish argues that it is at least very misleading, because Obama is referring to “proven” reserves of some 21 billion barrels.
However, analysts point out that so-called “proven reserves” were pegged at 20 billion barrels back in 1944. Interestingly enough, since then, the U.S. has extracted about 170 billion barrels–but we still only show 20 billion barrels of “proven reserves” on the books.
The Obama Administration is already famous for double-counting 500 billion Obamacare bucks.
One federal agency says there’s 10 times more — 219 billion barrels of “technically recoverable” energy [sic].
Author’s note: For purposes of accuracy and the elimination of political and environmental “fashion-speak” in this context, only oil volume is measured in barrels–not “Energy.” There is no such recognized thing as a “barrel of energy.” Further, in this context, [usable] “energy” is produced by some form of [combustion] “engine” via the consumption petroleum byproducts, refined from barrels of oil.
Another agency in the Energy Department says there’s 20 times that much–400 billion barrels; while some in the oil and gas industry claim there’s 60 times that amount–1.4 trillion barrels in untapped resources.
That’s energy the government knows we have but that has not yet been drilled for; and, industry experts argue it’s there for the taking.
“The trillion-plus barrels of oil in this country, more oil than in Saudi Arabia, is not counted by the president, and I think that’s misleading the American people,” John Hofmeister, the former CEO of Shell Oil, said.
With those kinds of resources, the U.S. could continue at its current consumption rate for 200 years without any imports, Kish of IER said. “And add Canada and Mexico? The numbers go off the chart.”
Another favorite Obama lie is … “As much as we’re doing to increase oil production–we’re not going to be able to just drill our way out of the problem of high gas prices.”
“Some of us believe that the president is trying to suggest that we don’t have adequate resource[s] here in the United States, which is just not true,” says Jack Gerard, president of the American Petroleum Institute, another industry group.
In fact, one industry analyst says [that] by tapping American oil along with Canadian resources and renewable energy, the U.S. could be self sufficient in just 12 years.
Nonetheless, the Obama lies continued, with the president taking credit for approving the “fast-tracking” of the Oklahoma-to-Texas [last] leg of the Keystone XL pipeline–even though he will not, and has not, had anything to do with it–whatsoever.
- Yeah, about those Obama lies about energy reserves (thedaleygator.wordpress.com)
- Are Obama’s Oil Numbers Rigged? (foxnews.com)
- President Obama’s Energy Lies (inquisitr.com)
- Is Obama telling the truth about U.S. oil reserves? (winteryknight.wordpress.com)
- Exposing the 2 percent oil reserves mythInstitute for Energy Research (appliedagrotech.net)
- Big Lies on Big Oil (gompsparky.wordpress.com)
- No Permit, No Drilling, The Soft Spot (tarpon.wordpress.com)
- Obama said ready to push partial Keystone XL approval (mb50.wordpress.com)
- Exposing the 2 percent oil reserves mythInstitute for Energy Research (mb50.wordpress.com)