Quantcast

New Report Reveals Koch Brothers Could Make $100B Profit if Keystone XL Pipeline is Built

Energy

The progressive think tank International Forum on Globalization (IFG) released a report today investigating how Koch Industries and its subsidiaries stand to make as much as $100 billion in profits if the Keystone XL pipeline is built. The report, Billionaires' Carbon Bomb: The Koch Keystone XL Pipeline, finds that the Kochs hold up to 2 million acres in Alberta and have spent upwards of $50 million on Congress and think tanks that heavily push for the pipeline.

A Google map showing the Koch assets in the tar sands region as well as interests along the proposed Keystone XL pipeline. Image credit: International Forum on Globalization

The Kochs have long been one of the largest players in the tar sands region of Alberta, Canada, according to a IFG press release. The report connects the Kochs’ 50 year history and large footprint in the Canadian tar sands to the current debate about the Keystone XL pipeline.

“The Kochs have repeatedly claimed that they have no interest in the Keystone XL pipeline, this report shows that is false,” said Victor Menotti, executive director of IFG.

“We noticed Koch Funded Tea Party members and think tanks pushing for the pipeline. We dug deeper and found $100 billion in profits, $50 million sent to organizations supporting the pipeline, and perhaps 2 million acres of land. That sounds like an interest.”

Other findings in the report include:

  • The Kochs will earn 1 million times more than the average worker of the pipeline.
  • The Kochs alone own more than 19 billion metric tons of carbon emissions in their tar sands holdings.
  • Think tanks funded by the Kochs have released nearly 1,000 pro-Keystone XL 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 past two weeks of the government shutdown brought to light the irresponsible influence of Koch-funded groups," said Jane Kleeb, director of Bold Nebraska.

"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 President Obama to see our national interest is not served with a pipeline that lines the pockets of climate deniers and foreign oil."

EcoWatch Daily Newsletter

A new report spotlights a U.N. estimate that at least 275 million people rely on healthy coral reefs. A sea turtle near the Heron Island in the Great Barrier Reef is seen above. THE OCEAN AGENCY / XL CATLIN SEAVIEW SURVEY

By Jessica Corbett

In a new report about how the world's coral reefs face "the combined threats of climate change, pollution, and overfishing" — endangering the future of marine biodiversity — a London-based nonprofit calls for greater global efforts to end the climate crisis and ensure the survival of these vital underwater ecosystems.

Read More
Half of the extracted resources used were sand, clay, gravel and cement, seen above, for building, along with the other minerals that produce fertilizer. Cavan Images / Cavan / Getty Images

The world is using up more and more resources and global recycling is falling. That's the grim takeaway from a new report by the Circle Economy think tank, which found that the world used up more than 110 billion tons, or 100.6 billion metric tons, of natural resources, as Agence France-Presse (AFP) reported.

Read More
Sponsored

By Gero Rueter

Heating with coal, oil and natural gas accounts for around a quarter of global greenhouse gas emissions. But that's something we can change, says Wolfgang Feist, founder of the Passive House Institute in the western German city of Darmstadt.

Read More
Researchers estimate that 142,000 people died due to drug use in 2016. Markus Spiske / Unsplash

By George Citroner

  • Recent research finds that official government figures may be underestimating drug deaths by half.
  • Researchers estimate that 142,000 people died due to drug use in 2016.
  • Drug use decreases life expectancy after age 15 by 1.4 years for men and by just under 1 year for women, on average.

Government records may be severely underreporting how many Americans die from drug use, according to a new study by researchers from the University of Pennsylvania and Georgetown University.

Read More
Water coolers in front of shut-off water fountains at Center School in Stow, MA on Sept. 4, 2019 after elevated levels of PFAS were found in the water. David L. Ryan / The Boston Globe via Getty Images

In a new nationwide assessment of drinking water systems, the Environmental Working Group found that toxic fluorinated chemicals known as PFAS are far more prevalent than previously thought.

Read More