OBAMA: I don't think I've minimized the benefits, I think I've described the benefits.
At issue in Keystone is not American oil, it is Canadian oil that is drawn out of tar sands in Canada. That oil currently is being shipped out through rail or trucks, and it would save Canadian oil companies and the Canadian oil industry an enormous amount of money if they could simply pipe it all the way through the United States down to the Gulf. Once that oil gets to the Gulf, it is then entering into the world market and it would be sold all around the world… There is very little impact, nominal impact, on US gas prices, what the average American consumer cares about, by having this pipeline come through.
And sometimes the way this gets sold is, let's get this oil and it's going to come here and the implication is that's gonna lower oil prices here in the United States. It's not. There's a global oil market. It's very good for Canadian oil companies and it's good for the Canadian oil industry, but it's not going to be a huge benefit to US consumers. It's not even going to be a nominal benefit to US consumers.
...If we've got more flooding, more wildfires, more drought, there are direct economic impacts on that.