Greater access to secure energy and more than a half-trillion dollars in economic benefits right here at home: That's the proposed Keystone XL Pipeline. Unfortunately, the biggest question about the project - which would bring oil from Canada's oil sands region to U.S. refineries in Texas - is why it remains stuck on the drawing board.

The House of Representatives is working on legislation that would require the administration to grant a permit for the pipeline by Nov. 1. Given the benefits, you wouldn't think it would take an act of Congress to get things started. But deliberations over mostly old arguments are delaying a project worth an estimated $521 billion to the U.S. economy over a 25-year period, according to the Canadian Energy Research Institute.

What's the holdup? The State Depa... more »

ExxonMobil's Perspectives Blog: A $1 Trillion Contribution to the National Economy: A study released this month by PricewaterhouseCoopers shows that the U.S. oil and natural gas industry is a foundational part of the U.S. economy - throughout the ups and downs. The numbers show that even during the 2008 economic crisis and ensuing recession - when U.S. crude oil prices fell from a high of $145 a barrel to a low of $30 a barrel -the U.S. oil and gas industry remained a steady source of economic activity and job creation. According to the study, in 2009 the operations and capital investments from the U.S. oil and natural gas industry: Supported 9.2 million American jobs - about 1 in every 20 jobs. Accounted for 7.7 percent of U.S. GDP, up from 7.5 percent in 2007. Had an economic impact that... more »

Sometimes it seems like the only news is bad news, but let's take a moment to focus on the positive. The good news is the oil and natural gas industry is making life better in communities around the country. Here's a sampling:

The Observer in Dunkirk, N.Y., has an op-ed column by Petro Enterprises CEO David W. Keefe, noting the positive impact of Marcellus shale gas exploration and development. Keefe writes:

(Marcellus) is estimated to contain up to 500 trillion cubic feet of natural gas, making it, potentially, the second-largest gas field in the world. New York's portion of those reserves could be as much as 50 trillion cubic feet. Drilling the Marcellus in Pennsylvania during a two year period ending in 2010 created 44,000 jobs. Similar performance is expected in New York with the addit... more »

MSNBC: Pa. Water Utility Doesn't Find Drilling Pollution: Several tests of western Pennsylvania river water prompted by fears of contamination from the state's rapidly growing natural gas drilling industry didn't turn up elevated or harmful levels of radioactivity or other pollutants not routinely monitored, a private water utility said Monday. The Pennsylvania American Water Co. said its tests showed that its water quality complies with federal and states standards...State regulators have previously said that tests from samples they collected in November through February of water downriver from western Pennsylvania treatment plants raised no red flags for radioactivity. Observer Today: Marcellus Shale Brings 'Positive Impact': Development of the Marcellus Shale is likely to have a tremend... more »

The Wall Street Journal (subscription) reports the International Energy Agency is sounding the alarm on the worldwide oil supply, warning the global economic recovery could be at risk if prices for crude oil stay high or go higher:

The governing board called on oil producers to increase their oil output to "help avoid the negative global economic consequences which a further sharp market tightening could cause," the IEA said in a statement. "Additional increases in prices at this stage of the economic cycle risk derailing the global economic recovery and are neither in the interest of producing nor of consuming countries," it said. "Oil-importing developing countries are most likely to be seriously affected by high oil prices, undermining their economic and social well-being."

The Journal... more »