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Hofmeister: XL Pipeline to be Built in 2013
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Former Shell Oil President John Hofmeister on the future of the Keystone Pipeline.
- Duration 3:07
- Date Jan 26, 2012
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Transcript
This transcript is automatically generated
And joining us now a real star of the energy world the former Shell Oil president John -- -- joins us live from Phoenix.
Welcome back John always good to see you have got limited time so long and it tell you exactly the two stores -- one a couple of the pipeline.
All we gonna build it yes or no secondly.
The president wants to take away tax breaks from oil companies and I want to know which tax breaks -- talking about.
Let's start with a pipeline building it yes -- know.
Yes but not this year I think we'll see an approval sometime next year Stuart I'm surprised to hear you say that I thought the environmentalists were powerful enough to knock it out of the box and we've never seen -- you think -- -- -- the environmentalists.
I think the president and the State Department.
Where actually convinced that this is a good project for America.
But not in an election year so it's purely electoral politics which will drive the timing on the decision.
Anyone who would be against this pipeline would be against the American.
Consumer and I don't think any politician worth his salt can be against the American consumer over the longer term.
But its presidential politics playing out and this is not the first president to play presidential politics in -- reelection year.
Next -- President Obama wants to eliminate tax breaks for oil companies in the United States which tax breaks -- we're talking about and all -- important to the oil business.
Well the primary one that is most important to the refining business.
Because its manufacturing.
Product called gasoline or diesel.
Or lubricants.
Is state manufacturing.
Did.
Tax rebate that was put in by the Bush Administration.
In the first term of the Bush Administration guess what to create American manufacturing jobs Stewart.
The president's -- -- country now talking about factory jobs and he's trying to harm one of the nation's most productive industries.
Big on the same bill that is enabling other manufacturers.
To hire more people.
It is complete inconsistency.
And again -- -- presidential.
Politics.
In an election year.
When we see dividing the classes from the have -- the have nots is it.
Correct to say that we all drilling more oil in America today than we have for May be ten years is that accurate.
Yes but it's chemicals and -- And it's only small amounts.
Why hasn't the oil price gone down.
If the president is taking victory laps on the increase in production.
It's because he has withheld.
Decisions.
That would really open up more production.
What we're getting are a few more liquids in the tens of thousands of barrel today.
That adds up to a couple 100000 barrel today offset by a decline in the Gulf of Mexico.
Due to the moratorium.
That the president imposed on the industry.
But net net -- hot oil prices the judge of how much we're producing.
Obviously not very much John off months that you are indeed a star on the -- world and we thank you for joining is -- -- -- short term basis thanks so much John good to see again.
