One-hundred-and-sixty-eight CEOs are calling on President Obama to approve completion of TransCanada's Keystone XL pipeline to bring Canadian oil into the United States for refining.

"We are at an inflection point in our economic recovery. Whether economic growth will remain modest or pick up speed will depend on maintaining investor confidence and strengthening America’s competitiveness. The decision on Keystone XL will affect both," the CEOs wrote in a letter released by the Business Roundtable, National Association of Manufacturers and the U.S. Chamber of Commerce's energy institute.

Other key points:

• Investor confidence is shaped by perceptions of business climate – whether governments take actions that enable capital investment and job growth. The pipeline's $3.3 billion investment in the United States will will send a powerful signal of the Administration’s commitment to getting America back to work.
• The pipeline would enhance U.S. competitiveness by helping to realize the goal of increased North American energy security; the flow of oil, gas and electricity among the United States, Canada and Mexico directly benefits Americans by creating efficiencies and reducing overall energy prices for households and businesses.
• Environmental risks, like those in many other significant projects, must – and can – be managed through appropriate regulation and careful stewardship.  Keystone XL would be subject to nearly 60 special conditions set by regulators to minimize risks associated with the project.

The letter was also published as a full-page ad in Politico.

Separately, Transcanada's CEO and president, Russ Girling, welcomed the letter, reinforcing its arguments in a news release.

"As these prominent business leaders said in their letter to President Obama a positive decision on Keystone XL would materially affect both the rate of economic growth and America's competitiveness," Girling said.

The entire pipeline recently gained another seal of approval when the 10th U.S. Circuit Court of Appeals in Denver ruled that construction of the southern portion -- between Oklahoma and the Gulf Coast could continue even as environmental groups continue their litigation against the project. (AP story)

Other coverage:

• The Hill, "Biz presses Obama on Keystone" 
• National Journal, "Business Groups Press Obama to Approve Pipeline"
• Penn Energy, "TransCanada gets business leader support for Keystone XL oil pipeline"
• NAM news release, "Manufacturers Commend Business-Led Effort Urging the President to Approve Keystone"