API, in a 40-page annual report on the state of the U.S. energy sector published Tuesday, said the United States and Canada could strengthen their relationship by building the Keystone XL oil pipeline.
Keystone XL is planned by Canadian energy company TransCanada to deliver the heavier grade of oil sands crude from Alberta province to refineries in the southern United States. The cross-border section of the pipeline needs U.S. federal approval, though a domestic leg from Oklahoma should go into service by the end of January.
"Buying oil from Canada makes sense, because for every U.S. dollar spent on Canadian products, such as oil, up to 89 cents is returned to the U.S. in the form of Canadian imports of U.S. goods," API's report said.
By contrast, the report said, members of the Organization of Petroleum Exporting Countries return less than half that amount to the U.S. economy.
Supporters of Keystone XL said it would provide a source of economic stimulus and lead to North American energy independence. Opponents worry about the environmental impacts of the heavier Canadian grade of crude oil recovered from tar sands.
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