The Daily Caller

The Daily Caller
              FILE - In this Wednesday, Feb. 1, 2012 file photo, miles of pipe ready to become part of the Keystone Pipeline are stacked in a field near Ripley, Okla. President Barack Obama says that the proposed Keystone XL pipeline project from Canada to Texas should only be approved if it doesn

Tom Steyer: The shady billionaire with millions of reasons to kill Keystone XL

Photo of Drew Johnson
Drew Johnson
Senior Scholar, Taxpayer Protection Alliance

Tom Steyer is trying to pull a fast one on Americans.

The billionaire hedge fund manager and bank mogul is spending millions of dollars in an attempt to prevent the construction of the Keystone XL pipeline.

But why?

Two reasons: Money and power.

Steyer knows the facts. The pipeline would slash energy costs for Americans, facilitate the growth of oil production in the U.S. by increasing access to refineries, generate millions in state and local tax revenues, and reduce the amount of oil America imports from unstable and unfriendly nations by 40 percent. Furthermore, five years of intensive regulatory review by federal and state government has shown Keystone to be an environmentally sound project.

Still, Steyer continues to fund a campaign of lies and hysterical propaganda in hopes of killing Keystone.

Steyer’s latest whopper, which comes in an interminable 90-second ad that he funded and stars in, is that Keystone will create only 35 permanent jobs. The assertion that a pipeline that will revolutionize energy production in America would create the same number of jobs as a single Dunkin’ Donuts is embarrassing and absurd. The State Department estimates Keystone will generate 42,100 direct and indirect jobs during a two-year construction phase. Thousands of new jobs will subsequently be created to produce and refine petroleum after completion of the pipeline.

By distorting the truth about Keystone’s job creation, economic benefits and environmental concerns, Steyer stands to benefit handsomely.

Most of Steyer’s $1.4 billion fortune came through investments in fossil fuels. In fact, Steyer’s biggest cash cow is Farallon Capital Management. Farallon has stakes in a number of oil, gas and pipeline companies, including a large investment in Kinder Morgan, an oil and gas pipeline outfit that plans to expand its own TransMountain pipeline to transport oil from Alberta to refineries and shipping terminals in the U.S. and Canada.

While this year alone Steyer poured $1.8 million into a super PAC supporting anti-Keystone candidates and burned through another $1 million creating an advertising campaign attacking Keystone, he has refused to criticize the TransMountain pipeline – even though TransMountain pipeline is functionally identical to Keystone. That’s because if he succeeds in killing Keystone, TransMountain will be “the only game in town for transporting oil directly from the oil sands to export terminals, up to 900,000 barrels a day,” according to Investor’s Business Daily.