Gulf Oil CEO on Keystone Pipeline, U.S. Energy Infrastructure

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Well as stakes are heating up for President Obama and his decision on the keystone pipeline and an all comps down to which liberal lobbying group he wants to -- most.

-- clash of democratic forces on the one hand environmental groups converging on Capitol Hill opposing the pipeline.

Groups that contributed greatly to -- success but on the other hand unions pushing the president to do just the opposite hoping the pipeline will create more jobs.

Not to mention potential cost savings for consumers joining me now Joseph contrasting the CEO of gulf well -- great to see you -- always so good to have you on the show.

Do you think the president will go for it when everything is said and done.

If he knows anything about economics and he cares really about growth of this country.

He will go for increasing the infrastructure investments to move you off from where it is to where it isn't.

Well let's talk about what we yet here's the keystone pipelines impact.

-- 830 million barrels a day USA imports 40% of its crew that seven point six million barrels a day that said tells you how much we can use that.

40% of imports coming from OPEC nations this would put us in such a much better position.

These -- importing oil in this country wouldn't it.

Well let's look exactly what we're doing right now.

Our production this year we will be the biggest producer of hydrocarbon bta news and the world that we won't -- producing more oil.

Than Saudi Arabia and Russia -- here well.

So and and this is from the a lot of people on the left who said we were running out we've used all the reserves.

-- companies weren't drilling -- they didn't wanna drill.

We're producing.

Copious amounts of oil.

-- we lack the infrastructure remove it from where it is to where it is -- and the interest in their refineries last year.

We we shut.

Basically.

-- a lot of refiners on the East Coast of the United States which makes -- much more vulnerable to terrorism.

Arcade.

All of our fighting capacity is in the Gulf Coast and not on either coast with a population -- -- Here's the thing I don't understand about -- -- when you really drilled down into it.

We've already decided that we're gonna avoid Nebraska is sensitive regions right -- exit ecologically sensitive regions of people were complaining about -- -- show a picture where this.

XL pipeline would go and what's -- only had 2.5.

Million miles of pipeline already.

So when you talk about adding the keystone in -- just yet another pipeline this isn't something new would never heard about -- seen.

-- pipelines of the safest way to move petroleum products but there are other things we can do we can repeal the Jones act.

Which which only limits -- to US vessels to take product from.

The Gulf Coast to the East Coast ore port to port US -- to US -- it.

Whether -- -- it by barge.

Whether removed by ship by rayo our pipe.

The secret is to -- from where it is too is is that I keep saying that it's it's not hard.

And pipeline -- actually the safest.

Environmentally friendly way to move a product.

About -- said that before at.

Worries now that we're gonna damage their relationship and -- -- with -- that.

Here's what Greg string -- said from the Canadian associate from petroleum producers -- -- The -- of a rejection of a permit by the press it would be a significant change in the Canada US relationship.

Candidate is looking for security of demand wherever that might be throughout the world.

Tech heavy problem I mean I think people forget how important Canada is to this country -- Not only it and -- that we buy things remember -- such an important market for our goods and services.

Other are number one trade partner without without a doubt -- get on the Canadian relations.

I don't think we'll be alarmed -- and pared I think this makes no economic sense for the United States.

If we get -- much higher energy prices and every human example.

A few days ago deaths of natural gas which is in abundance in trading at three -- four dollars.

And MM BTU in the midwest and even lower and the Marcellus Shale of Pennsylvania.

Traded forty dollars and in New York for the day now the market was.

Was up because today it was called but that forty dollar price drove up electric prices for everybody knew -- Who's giving an increasing amount of their electricity.

Off of love off of natural gas and now we as a retailer of electricity.

Feel that burden as we as we usually try to sell our customers -- -- as possible.

And -- very frankly higher energy prices put a drag.

On the economy.

Yeah at what we got -- higher gas prices 33 days found rising gas prices.

Does that continue where it is ago.

I think -- continue until -- administration.

Wakes up in and really stops after you estimate is it their economic illiterates.

Which I really think there's -- strong term but but but really.

The the problem we've cut is.

High energy prices -- -- growth and we're getting higher electric prices because of a lack of capacity to bring gas and gas products to these these -- And it's not about the environment.

There is a -- a hydrocarbon biased well in this -- I.

I have to agree with you on that and we've seen that time and again certainly -- with coal that's for sure that -- turns shut that industry down altogether.

I don't think the -- -- always great to hear your thoughts appreciate your time Jerry pigs aren't.

-- -- -- I was gonna say except for coal exports.

We've shut down on the US coal industry domestically but now we're exporting to coal to China in record amounts -- and my presumption is that China has Bernie Mac call live it's going into a different atmosphere.

But up up.

You know let them and if there's something funny about that because.

What -- Critics taking us all the time for having.

-- -- CO2 emissions but in fact it's not us anymore it's emerging countries like China not us.

Thanks for coming on tonight Joseph great to have -- to show really appreciate your time.

Pleasure being here.

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