Building Keystone XL Pipeline Could Mean Roughly $100 Billion in Profits for the Koch Brothers, New Report Reveals.
San Francisco, CA — On October 20th, progressive think tank International Forum on Globalization (IFG) released a report investigating how owners of Koch Industries, Charles and David Koch, will benefit should President Obama allow the Keystone XL Pipeline to be built. The report, entitled Billionaires’ Carbon Bomb: The Koch Brothers and the Keystone XL Pipeline, reveals Koch Industries likely substantial interest in the controversial pipeline. Staggering numbers punctuate the report; in recent years it has been reported that the Kochs hold up to 2 million acres in Alberta, could earn roughly $100 billion in profits from the project, and have spent more than $50 million on congress and think tanks that heavily push for the pipeline.
The Kochs have long been one of the largest players in the tar sands region of Alberta, Canada. The report connects the Kochs’ 50 year history and large footprint in the Canadian tar sands to the current debate about the pipeline. Since the Kochs are big players, it stands to reason they will be big winners when the pipeline gets built. IFG crunched the numbers and puts forth a compelling answer to why the Kochs have used their influence networks to push for fast-tracking of pipeline – $100 billion in potential profits.
Other Findings in the report include:
- The Kochs could earn 1 million times more than the average worker of the pipeline.
- Evidence suggests The Kochs alone be responsible for over 19 billion metric tons of carbon emissions in their tar sands holdings.
- Think tanks funded by the Kochs have released nearly 1000 pro-KXL reports or statements.
- Kochs have already made billions from insider trading and stand to do that again with tar sands.
- Koch Industries has a history of violence against people and the environment.
- The Koch Brothers seek to alter the public debate and control the policy debates in Washington.
“The Kochs have repeatedly claimed that they have no interest in the Keystone XL Pipeline, this report shows that is false.” Said Nathalie Lowenthal-Savy , a researcher with IFG. “We noticed Koch Funded Tea Party members and think tanks pushing for the pipeline. We dug deeper and found $100 billion in potential profit, $50 million sent to organizations supporting the pipeline, and perhaps 2 million acres of land. That sounds like an interest to me.” Nathalie continued, “We all know they will use that money to fund and expand their influence network, subvert democracy, crush unions like in Wisconsin, and get more extremists elected to congress.
“The past two weeks of the government shutdown brought to light the irresponsible influence of Koch-funded groups,” said Bold Nebraska Director, Jane Kleeb. “Rewarding the Koch Brothers with Keystone XL, who at every turn fund campaigns to mislead Americans on everything from climate to gas prices, is like the President advocating for Sen. Cruz to be the Majority Leader. It makes no sense. Farmers and ranchers in Nebraska are depending on Pres. Obama to see our national interest is not served with a pipeline that lines the pockets of climate deniers and foreign oil.”
It is still anybody’s guess if President Obama will approve the northern leg of KXL. He has hinted that he has issues with the project, though he has not denied the permit. It is clear that IFG — and a growing number of other organizations — think the pipeline is in the interest of oil billionaires, not the American public.
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Below is our google map showing all the Koch Assets in the tar sands as well as interests all along the proposed pipeline itself. Or if you prefer to see it the whole page itself, click here.
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