Some of Palin's remarks stretch the truth

[struggle4progress]

SPEECH: Gas pipeline, earmark issues have more subtlety than described.
Daily News staff and wire report
Published: September 4th, 2008 12:04 AM
Last Modified: September 4th, 2008 02:38 AM

... PALIN: "I fought to bring about the largest private-sector infrastructure project in North American history. And when that deal was struck, we began a nearly forty billion dollar natural gas pipeline to help lead America to energy independence. That pipeline, when the last section is laid and its valves are opened, will lead America one step farther away from dependence on dangerous foreign powers that do not have our interests at heart.

THE FACTS: Palin implies that construction has begun on a major natural gas pipeline from the top of Alaska into Canada. That is not correct.

In fact, no building has begun and actual construction is years away, if it ever happens. This summer the Alaska Legislature, at Palin's request, passed a bill under which the state will issue a "license" to a Canadian energy company, TransCanada Corp., and pay it up to $500 million as an incentive to someday build this enormous project, which Alaska politicians have long sought with little success. The license is not a construction contract, and federal energy regulators have not yet approved the project.

Palin also puts the price tag for the project at $40 billion, an exaggeration. This is roughly $10 billion more than most cost estimates industry players and consultants have made to date ...

http://www.adn.com/politics/story/515517.html

[zbdent]

1. and the rest are lies ...

[TheZug]

2. They don't just stretch, they're outright lies.

[Morning Dew]

3. Pipeline is DECADES away.

A natural gas pipeline connecting northern Alaska to the civilized world could be decades away, and that's on top of the decades that have already passed since the idea first surfaced. The Alaskan government has given TransCanada Corp. (TRP/TSX) the thumbs up, with a possible $500-million in support, to proceed with the regulatory process.

Bondholders should be scared, according to Laurie Conheady, an analyst at BMO Capital Markets.

"We believe there is little, if any, upside for TransCanada PipeLines' bondholders in this announcement, or the prospect of TransCanada building the pipeline," he said. "On the contrary, we see the potential for significant downside risk for the debt providers as the company moves to develop the pipeline project."

At last guess, the price tag rings in at US$26-billion. But many are already predicting US$30-billion. Others are also noting that projects such as the pipeline regularly run over budget.




http://www.financialpost.com/money/story.html?id=702727

[Qutzupalotl]

4. She's got STRETCH REMARKS.