Kinder Morgan Media Release
Maxine McBride
President, Clockwork Marketing Services
February 29, 2016 11:00 a.m.
According to University of North Florida economists Harriet Stranahan and Christopher Johnson, the Palmetto Pipeline proposed by Kinder Morgan, Inc. (NYSE:KMI) will result in an estimated economic benefit to Florida of 253 new jobs and GDP growth of nearly $10 million. The economic impact study was conducted at the Center for Economic and Geographic Information Systems (GIS) Research at the University of North Florida’s Coggin College of Business. The Center for Economic and GIS Research is an interdisciplinary center known for its cutting-edge analytics and high-level capabilities of its expert team and for its production of state-of-the-art economic reports.
“The economic benefits of the construction of the Kinder Morgan Palmetto Pipeline will produce a positive impact on Northeast Florida’s economic growth, and on development efforts across the state,” said Stranahan. “The pipeline will also help sustain the energy demands of the future and will benefit consumers and businesses by fostering increased competition in the marketplace.”
The study can be downloaded at www.palmettopipelinefacts.com and outlines how the Palmetto Pipeline will generate millions in goods and services spending and create 253 jobs in Northeast Florida that would not exist otherwise. Among other findings, Stranahan’s and Johnson’s research showed that the pipeline will have a significant tax impact, increasing local tax revenues across Nassau and Duval counties by more than $700,000 during construction, and resulting in ad valorem tax revenues increases of more than $7 million over a five-year period once the project is complete.
“The bottom line is many landowners are positive about the project and the many benefits it will bring to the region. The economic benefits such as lower fuel prices, tax revenues, jobs and spending at regional establishments, combined with the prospect of getting trucks off the road and products underground, are beginning to resonate with area residents,” said Allen Fore, vice president of public affairs, Kinder Morgan. “Overall, the communities along the pipeline route are embracing what this project will provide – more competition, increased regional supply, lower energy costs and a safer alternative to trucking for fuel transportation into these markets.”
Dr. Stranahan is the Director of the Center for Economic and GIS Research and Professor of Economics at the Coggin College of Business. She is an expert in the fields of labor economics, applied econometric modeling and public finance. Her research has appeared in numerous economic journals, including Contemporary Economic Policy, Journal of Interdisciplinary Economics and Research in Business and Economics Journal. Stranahan has also been the recipient of many grants and awards, including Richard de Raismes Kip research and teaching grants, and she has also been named Outstanding Teacher and Outstanding Researcher at UNF Coggin College of Business for more than 15 years.
Dr. Johnson is Associate Professor of Economics and Associate Dean in the Coggin College of Business. He specializes in such fields as poverty and income distribution, urban and regional economics, and applied microeconomics and has been the recipient of a number of grants and fellowships. Johnson has participated in and written numerous economic studies, which have been published in such respected journals as Urban Studies, Applied Economics, Journal of Business, Industry and Economics and Journal of Economics and Economic Education Research. He also co-authored a chapter in The Oxford Handbook of the Economics of Poverty.
Kinder Morgan, Inc. (NYSE: KMI) is the largest energy infrastructure company in North America. It owns an interest in or operates approximately 84,000 miles of pipelines and approximately 180 terminals. The company’s pipelines transport natural gas, gasoline, crude oil, CO2 and other products, and its terminals store petroleum products and chemicals, and handle bulk materials like coal and petroleum coke. For more information, please visit www.kindermorgan.com.
And then there is the other side of the story:
http://www.pushbackthepipeline.com/fact-check/
Kinder Morgan, love their brand of Propaganda for local consumption. But Facts are sticky things. Thanks Dave, for sharing the rest of the story.
Of course they don’t address the environmental impact of the pipeline. It will go through rivers, estuaries and wetlands. Along with the disruption to wildlife while under construction, these structures always leak. And with the pipeline being installed underground, a leak will not be discovered until it has already had a negative impact on the environment.
As an additional note, a Fulton County GA judge just ruled that Kinder Morgan cannot use eminent domain to acquire land for the pipeline. The ruling is likely to be appealed by KM but upholds the State’s refusal to issue KM a certificate that would permit the acquisition through eminent domain. Governor Deal has opposed the project since the beginning.