A new study released today concludes that Koch Industries and its subsidiaries stand to make as much as $100 billion in profits if the controversial Keystone XL pipeline is granted a presidential permit from U.S. President Barack Obama.
The report, titled Billionaires’ Carbon Bomb, produced by the think tank International Forum on Globalization (IFG), finds that David and Charles Koch and their privately owned company, Koch Industries, own more than 2 million acres of land in Northern Alberta, the source of the tar sands bitumen that would be pumped to the United States via the Keystone XL pipeline.
IFG also finds that more than 1,000 reports and statements in support of the Keystone XL pipeline project have been made by policy groups and think tanks that receive funding from the Koch brothers and their philanthropic foundations. “The Kochs have repeatedly claimed that they have no interest in the Keystone XL Pipeline, this report shows that is false,” said Nathalie Lowenthal-Savy, a researcher with IFG.
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