Billionaire Steyer Highlights Exports in Anti-Keystone Ad
By Mark Drajem
Billionaire investor Tom Steyer said he is backing a four-part, $1 million advertising campaign aimed at convincing viewers the Keystone XL pipeline will hurt the economy and communities and should be blocked.
“Foreign countries will get more access to more oil to make more products to sell back to us, undercutting our economy,” Steyer, founder of the hedge fund Farallon Capital Management LLC, says in the advertisement. “Here’s the truth: Keystone oil will travel through America not to America.”
Steyer’s commercials begin airing two months after the American Petroleum Institute, whose energy-industry members back the pipeline, started TV and online advertising portraying Keystone as a boon to job growth in the U.S.
“Rarely do leading Republicans, Democrats, business leaders and labor unions all agree,” according to a newspaper advertisement by the Washington-based oil industry lobbying group. “But on Keystone XL, they do.”
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