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Gulf Oil CEO on the Keystone Pipeline Delay

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    Gulf Oil CEO Joe Petrowski argues delaying the Keystone Pipeline is a mistake.

  • Duration 4:53
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-- delaying a controversial expansion of the keystone XL pipeline until after the 2012 election way to 2013.

The proposed seven billion dollar pipeline would have transported crude oil from Canada to Texas and all of.

-- environmentalists.

And Nebraska and officials are praising the White House decision.

Our next guest calls it a horrible one he's gulf oil CEO Joseph Petro ski he's joining us now in -- Fox Business exclusive.

Joseph welcome to the program this is a big development certainly.

People are watching and saying well of course -- trustee thinks this is a horrible decision he's an oil man he is big in this industry.

Up but what do you say that the complaints that were there from even the Republican governor.

Up there who said wait a minute this thing needs to be moved so that it doesn't go underneath an important -- offer.

Listen we have we have an immense amount of pipelines in the United States and they have an exemplary record.

Of environmental law stewardship.

It -- this is not environmental question this is simply.

Question where I believe people -- Obama administration do not wanna see.

Chief oil come into the United States because it will it will interfere -- -- Green agenda.

This is the most incomprehensible.

Economic decision that I received 35 years of this.

Well guess what the Canadians say we're not -- eight we can't wait until 2013 to finance ministers saying.

They're gonna start negotiations with the Asians with China and other countries and Asia to divert that pipeline is sort of coming south city into the Gulf of Mexico.

It's gonna go west -- British Columbia and then over to Asia.

I would do the exact same thing I would.

I was at the we're we're discussing with some Canadian officials.

Two two weeks ago and that's exactly what they said and it makes perfect economic sense.

What makes this very comprehensible and I know I know people sermon -- member we don't refine.

On -- we drill I do have an interest and have me.

Security of of supply for the United States as an American -- like lower energy prices and and we really astonishing about this decision.

Is even on Iran analyst that was the only consideration.

All this is going to do is make -- -- more oil by water and drill more and deep water off our calls both of which have a much worse.

Environmental record then then pipelines in the United States when we by the way of just closed down our a refinery on the East Coast.

And it's threatened -- two other partners that -- loans and our calls we don't have the pipeline capacity to take products up from the gulf.

This is just an economic disaster.

On top of that I'd show the jobs that could have been created from this and that that's not a reason to endanger anybody safety water supply.

And and certainly those would be legitimate fears it's just that an entire study.

Has been done on this and it was already done are you calling this and then -- rhetorical question was obviously are purely political.

I think I don't really think the politics are good for the Obama administration.

-- you know it.

People talk about their fears let's talk about the facts tell me where we've had a pipeline have been disaster in the United States and has been of serious.

Environmental consequences hasn't happened.

And I don't even think about a political basis.

He's he's killed -- 2000 jobs I think gasoline prices are gonna go up.

Thirty to forty cents within the next six months.

Americans are already pay 8% of their disposal income highest in history.

And and I see no benefit him or her -- the million barrels -- we would have been JD from Canada we're not going to read retrieved from the -- Tell me how from the security.

Economic.

Jobs.

Or even environmental this makes it.

Reasonable driving as you said the politically does make sense when he's he's taking off so many members of the unions the unions hate this decision the unions.

One jobs everybody from from the Teamsters to the folks -- to be working directly on the pipeline.

Wanted this thing good to go through there are very powerful political lobby so he is ticked off one of his prime supporters.

-- and.

All the ancillary industries that that feed off.

Economically priced energy I'd I'd rather have those manufacturing industries have cheap energy the United States.

-- China I'm tell you if we have deaths that have before for fifty range a year from today.

-- Obama will not win the state of Massachusetts.

And even George McGovern won that state.

Joseph thank you for weighing in and we're watching this very closely and obviously it's become hugely political both north and south of the border thank you so much.

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