TAMACC Announces Support for TransCanada’s Gulf Coast Project
Austin, TX – June 28, 2012 – The Texas Association of Mexican American Chambers of Commerce (TAMACC) today announced its support for TransCanada’s proposed Gulf Coast Project. The Gulf Coast Project is a 36-inch pipeline that will deliver crude oil from a hub in Cushing, Oklahoma to Texas Gulf Coast refineries that need it.
TAMACC noted the importance of the project to Hispanic businesses and families in Texas, and to the Texas economy, and U.S. energy independence.
The Gulf Coast Project pipeline will have an initial capacity to deliver up to 700,000 barrels per day of crude oil to Texas Gulf Coast refineries, enough to replace as much as 40 percent of imports from the Middle East and Venezuela.
“TAMACC strongly favors the construction and operation of TransCanada’s Gulf Coast Project, not only because of its importance to Hispanic families and businesses in Texas, but also because it is an important step on the road to U.S. energy independence,” said TAMACC Chairman of the Board Ben Mendez. “We urge federal authorities to move this project forward, and the sooner the better.”
Construction of the Gulf Coast Project will inject $2.3 billion into the Texas economy. Building the pipeline will create thousands of jobs in Texas and stimulate some 50,000 more spin-off jobs in Texas, while also creating many business opportunities.
“TransCanada’s Gulf Coast Project pipeline is incredibly important to Hispanic workers and businesses, especially in this struggling economy,” Mendez said.
Initially, the pipeline will deliver U.S.-produced crude oil that is currently bottlenecked in Oklahoma. U.S. oil production has substantially increased in recent years and current pipeline capacity prevents it from efficiently reaching Gulf Coast refineries.
“TransCanada’s Gulf Coast Project will help remove the bottleneck, delivering this increased U.S. –produced oil for use by Texas refineries. That’s good for Texas, good for Hispanic businesses and families, and good for the United States,” Mendez said.
“We join many other Hispanic groups in urging the Administration to expedite this pipeline, as the President has said he would do,” Mendez said. The U.S. Hispanic Chamber of Commerce, the National Hispanic Professional Organization, the Houston Hispanic Chamber of Commerce and numerous other organizations support the project.
The Texas Association of Mexican American Chambers of Commerce (TAMACC) is a driving force for Hispanic business, promoting economic growth, job development, stability and sustainability in the Texas economy. TAMACC represents the interest of more than 400,000 Hispanic-owned Texas businesses, a number that has doubled each decade since 1960.