Economic gain trumps environmental impact for Affluent investors who believe President Obama should approve construction of the Keystone XL pipeline.
Nearly half of Affluent investors have a “build, baby, build” attitude toward the Keystone XL pipeline, according to a new survey conducted by Spectrem’s Millionaire Corner.
Forty-seven percent of Affluent respondents believe President Barack Obama should approve the controversial Keystone XL pipeline to help make America more energy independent. This is twice as many as those who said they had no opinion on the 1,700-mile, $5.4 billion project that would move oil from Canada to the Gulf Coast (23 percent).
Fourteen percent fear that the negative environmental impact of the project would be too great and that the president should reject it. Eleven percent believe the pipeline would be a jobs creator and should be approved.
Support of the pipeline increases with net worth, the Spectrem survey finds, with nearly six-in-ten (57 percent) of respondents with a net worth of at least $5 million (not including primary residence) in favor of the pipeline as a way for the country to achieve energy independence. In comparison, 25 percent of those with less than $100,000 feel the same way.
Men, too, express greater support for the pipeline than women (54 percent vs. 32 percent). While women are more concerned about the project’s environmental impact (18 percent vs. 13 percent). A higher percentage of women than men (37 percent vs. 17 percent) have no opinion on the pipeline.
The pipeline is not as much on the radar of respondents under 40, four-in-ten of whom said they had no opinion on the project.
Support for the pipeline as a means to make America more energy independent also increases with the confidence in one’s financial knowledge. Less than one-third (31 percent) of those who profess to have little or no financial knowledge support the project for this reason vs. 59 percent of those who are the most confident in their financial knowledge. Not surprisingly, the highest percentage (37 percent) of those with no opinion on the pipeline is those who say they have little to no financial knowledge.
The Keystone XL pipeline has consistently drawn wide public support. A Pew Research study found that 61 percent favored building it vs. 27 percent who were against the project. A Washington Post/ABC News poll released in January likewise found that a significant majority (65 percent) of Americans are in favor of the pipeline with economic factors trumping concerns over the pipeline’s potential environmental impact (85 percent vs. 47 percent).
The southern leg of the Keystone pipeline, which runs from Alberta, Canada to Cushing, Oklahoma, began normal operation last January. The Keystone XL pipeline would comprise 1,700 new miles of pipeline which would connect Cushing with the Gulf Coast of Texas as well as include a new section from Alberta to Kansas, passing through eastern Montana and western North Dakota. At peak capacity, the pipeline would deliver a reported 830,000 barrels of oil daily.
Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.
A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.