It's a nearsighted project. The 8 billion it costs and the few thousand jobs it will create simply aren't as economically cost effective as pursuing greener forms of energy such as wind-turbine, solar or dam produced electricity and electrolysis produced hydrogen for cars. A small space in the uninhabited parts of the Californian deserts filled with solar panels would be enough to fuel the entire United States with electricity, would create thousands of construction and maintenance jobs as well as engineering jobs and such. As for the hydrogen, electrolysis stations could produce the hydrogen without any negative effect on the health of the planet by using the solar electricity, and the hydrogen burns in hydrogen engines without any harmful by-products.
The building of the pumps and manning of the stations for the hydrogen would also create thousand of jobs, as well as the manufacture of the hydrogen cars, the salesmen, the mechanics, etc etc etc.
The cost to initiate the program would be greater than that of the pipeline, but the jobs created and the long term effect on both the economy and the planet would be well worth the investment. Energy companies who fund the projects would never need to worry about ''running out of oil'' -- sunlight doesn't run out (at least not any time in the next billion years).
It makes more sense in the long term.