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Following last week's passage of Keystone pipeline construction by the new Republican-controlled U.S. House of Representatives, a business group is urging the new Senate to do the same.

According to a new study just issued by the firm, the total economic benefits of the nation's increased oil and gas exploration and development activity translates into almost $1.2 trillion in gross product each year, including multiplier effects, and over 9.3 million permanent jobs.