National experts come to ETX to discuss economy - - Tyler, Longview, Jacksonville |ETX News

National experts come to ETX to discuss economy


National experts joined hundreds of East Texans Monday, at the Second Annual Energy Summit, to talk about policy issues, like the Gulf Coast Pipeline Project.

"The idea is to replace dwindling supply from offshore sources, foreign sources of oil at the Gulf Coast refineries,as well as to relieve the glut of oil in Cushing, Oklahoma," said Jim Prescott with the Keystone Pipelines.

It's a project that Prescott says offers energy security and economic benefits.

"When you look at some of the alternatives of how to deliver oil from point A to point B, pipelines are by far the best and the most efficient and the safest way to do so," Prescott said.

Last week, President Obama ordered his administration to put the Oklahoma and Texas part of the Keystone Pipeline on the fast track.

"Now, you wouldn't know it by listening to some of the folks running for office today, but producing more oil at home has been, and will continue to be, a key part of my energy strategy," said President Obama.

Monday, hundreds of individuals, companies and businesses gathered to hear what national experts, like Exxon Mobile and Keystone Pipeline say about strengthening our economy.

"These are all topics that people in the industry are very interested in hearing experts talk about it, because their working with it every day," says Tyler Chamber of Commerce President, Tom Mullins.  

Prescott says the pipeline will help create jobs, thus stoking the economy.

"This is a big project, this will employee several hundred employees in each construction spread, and over the course of construction of the Gulf Coast Project it will generate 4,000 jobs, on just the construction," says Prescott.  

TransCanada will proceed with the pipeline project later this year, and they project it will be in service sometime in mid to late 2013.

As far as lowering gas prices, Prescott says he's not sure one pipeline will do the trick, but he plans to leave that up to other economists to figure out.

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