Canadian Manufacturers & Exporters

Canadian Manufacturers & Exporters

January 18, 2012 16:09 ET

Keystone Rejection Destabilizes Fragile American Economy, Creates Uncertainty for Canadian Manufacturers

OTTAWA, ONTARIO--(Marketwire - Jan. 18, 2012) - President Obama's decision to reject construction of the proposed Keystone XL pipeline will cost thousands of North American jobs and jeopardizes the future of shared economic prosperity between the world's two largest trading partners, according to Canadian Manufacturers & Exporters (CME).

The announcement, made earlier today at the White House, deals a major blow to manufacturers on both sides of the 49th parallel - particularly at a time when instability is teetering at an all-new high.

"Keystone delivered the promise of a safe and dependable North American energy supply and the opportunity to create good, high-paying jobs - 118,000 south of the border alone," says CME President & CEO Jayson Myers. "Our countries need Keystone to compete on the world stage. It is extremely disappointing that political posturing has gotten in the way of sound industrial strategy."

The United States currently imports more than 2.5 million barrels of petroleum from Canada each day, accounting for roughly 21 per cent of its total annual intake. Completion of the Keystone pipeline would have added 830,000 barrels per day to capacity.

"US communities and US workers need Keystone - and, in broader context, Canadian oil," says Myers, "CME will continue to work with our American business allies in Washington to reinforce the vast economic and social benefits of this project."

About CME

Canadian Manufacturers & Exporters (CME) is Canada's largest trade and industry association, and the voice of manufacturing and global business in Canada.

The association represents more than 10,000 leading companies nationwide. More than 85 per cent of CME's members are small and medium-sized enterprises.

As Canada's leading business network, CME, through various initiatives including the establishment of the Canadian Manufacturing Coalition, touches more than 100,000 companies from coast to coast, engaged in manufacturing, global business and service-related industries.

CME's membership network accounts for an estimated 82 per cent of Canadian manufacturing production and 90 per cent of all exports.

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