WASHINGTON (Nov. 13, 2014) – The R Street Institute today welcomed news that both the U.S. House and U.S. Senate are set to move legislation to approve the Keystone XL pipeline. The long-delayed project promises substantial economic benefits and should be approved immediately, the Institute said.

“For too long, this common sense project has been delayed by a recalcitrant Senate majority,” said Andrew Moylan, R Street executive director. “The time has come to approve the project once and for all.”

R Street has been a leader in crafting conservative solutions to America’s energy and environmental challenges, such as promoting responsible hydraulic fracturing, identifying free market alternatives to command-and-control greenhouse gas regulation and supporting greater exports of domestically produced natural gas.

The pipeline expansion would streamline the process of shipping oil to refineries, with the U.S. State Department estimating it would create 42,000 jobs and contribute roughly $3.4 billion to the U.S. economy. Because pipelines are safer and less emissions-intensive than other forms of oil transport, the State Department found the project is also likely to impose a minimal impact on greenhouse gas emissions.

“Congress should seize its post-election opportunity to advance the overdue approval of Keystone XL,” Moylan concluded.

A vote on the pipeline expansion is expected in the House this week and in the Senate next week.