Opponents of the Keystone XL oil pipeline warn of its potentially catastrophic consequences. Building it, climate scientist James Hansen says, would mean “game over” for the climate.
New York Times columnist Thomas Friedman hopes that, if it’s given a green light, “Bill McKibben and his 350.org coalition go crazy.” And he means “chain-themselves-to-the-White-House-fence-stop-traffic-at-the-Capitol kind of crazy.”
Are they all just crying wolf and using Keystone XL as a proxy battle against oil?
I hope so, because the economics behind laying a pipeline from Alberta, Canada, to the U.S. Gulf Coast would make it difficult for the pipeline to have any effect on greenhouse-gas emissions. I trust that if opponents dug a little deeper into the issues and the market for oil, they would agree — at least privately.
Three things would need to be true for Keystone to lead to more emissions. Otherwise, the pipeline could actually reduce them.
Read the full post at Bloomberg
Christopher Knittel is the William Barton Rogers Professor of Energy and a Professor of Applied Economics at the MIT Sloan School of Management.