Deere Urges Construction-Industry Support of Keystone XL Pipeline Project

MOLINE, Ill. (June 2, 2011) To advance the nation’s economic recovery, create new construction jobs, and provide an additional, long-term stable energy supply, Deere is encouraging the construction industry to comment in support of the TransCanada Keystone XL Pipeline Project during a State-Department-driven public comment period that closes June 6.

Comments can be made through http://www.keystonepipeline-xl.state.gov/clientsite/keystonexl.nsf?Open.

The Keystone Pipeline, which would run between Alberta, Canada and Texas, with a spur to Illinois, has the potential to move more than 700,000 barrels of oil a day to the U.S. from Canada. Public comments will be considered for the issuance of a Presidential Permit for the project – required because the effort spans the U.S.-Canadian border.

Deere supports the project because it would generate billions of dollars toward economic recovery, create 20,000 new construction jobs and help reduce America’s dependence on overseas oil. The project would also benefit states and local communities at a time of record budget deficits due to falling revenues and high unemployment, providing more than $585 million in new taxes for states and communities along the pipeline route. Keystone XL would also pay more than $5.2 billion in property taxes during the operating life of the pipeline.

The project would infuse much needed private sector investments in our nation’s infrastructure — estimated at more than $20 billion — at zero cost to US taxpayers.

About John Deere

Deere & Company (NYSE: DE) has provided products and services since 1837 and is committed to the success of customers whose work is linked to the land—those who cultivate, harvest, transform, enrich and build upon the land to meet the world’s dramatically increasing need for food, fuel, shelter and infrastructure. For more information, visit John Deere at its worldwide website at www.JohnDeere.com.

 

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