You're watching...
Former Shell Oil CEO John Hofmeister argues the president won’t approve the Keystone Pipeline and the need for America to better use natural gas.
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
Does the Keystone Pipeline have a new lease on life and -- chance at life.
Trans Canada just unveiled a new routes that avoids the most environmentally sensitive areas.
Is the question however will President Obama approve the plan before the November election.
Former Shell Oil president John -- minds -- it joins us from thinks this is what I wanna start job.
You know this industry you know the business much better than I do and our view is wanted a simple answer.
Will President Obama approved the pipeline.
He -- so far -- approve it before the November election it's a yes no questions.
I think he -- I think the answer is no we won't.
And the reason is he has gotten clear messages.
From many of his base supporters particularly in the environmental movement.
That it would seriously impact their ability to donate to his campaign -- a very pragmatic decision for his reelection.
Despite that I do think we will see the Keystone Pipeline built one day.
OK but and am I right in saying that everybody did you know in the oil industry would love to see that thing built and built now is accurate.
Well in fact a third of the Democrats in the House of Representatives.
Voted for the transportation bill which includes the thirty day approval of the Keystone Pipeline so he is losing -- the war.
With his own party over the need to create jobs the need to have more affordable energy from a friendly neighbor come into our market.
But he is still gonna I think stick.
With his base OK I want to -- to the price of natural gas we've been reporting just it's -- up all time record -- I believe.
Well -- about two dollar mark for British thermal units okay.
Now it's a huge -- we've got a huge source of supply here in the United States massive source of supply.
And it's very very cheap my question is can we should -- can we sought to use it.
We should absolutely turn our attention to alternative uses of natural gas Stewart.
I've been out on the -- all over the country talking about the importance of natural gas as an alternative transportation fuel.
It's a supply and demand situation we see what's happened to the price of natural gas.
It's come way down why don't we apply this natural gas low priced natural gas to transportation fuel whether -- compressed CNG compressed natural gas.
Or turn it in the methanol and use it in flex fuel engines as a substitute for gasoline.
Stewart this is our chance to say to OPEC.
Go away OPEC we don't need your cartel pricing any -- we don't need to help beat your policeman of the world in the Middle East anymore.
Can we can take care of ourselves with domestic -- -- resource well.
All we using it all weaken voting natural gas to other forms of -- -- are -- doing this.
Well not enough there are small incremental efforts underway for compressed natural gas but we've seen the Pickens Plan be held up.
By the senate and the house.
And and we haven't made any progress in and really using over the road trucking or building out an infrastructure there are many political -- say bowlers.
And what the Pickens Plan was designed to do is create political enablers and it's simple -- that if we had some political leadership in Washington DC.
For domestic energy production Stuart we could change the game in this country.
For the long term all right a real for a but he got fifteen seconds literally would you be in favor of government subsidies to build national infrastructure -- filling stations for natural gas.
No I think we could do -- private money.
Because the people know there's a market.
They'll invest in the market for the return on investment rather than paying more taxes all right John -- -- short and to the points as ever thank you very much indeed John always appreciate you being with us thanks.
