Posted on 11/15/2014 4:11:28 PM PST by Olog-hai
Republican oil mogul Harold Hamm says Congress is wasting its time debating the Keystone XL pipeline.
“It’s not relevant at all, in my opinion. And here we are making it relevant now? Forget it,” the billionaire CEO of Oklahoma-based Continental Resources told Politoco in an interview Friday, just before the House passed a bill aimed at approving the pipeline. […]
Hamm said his company, which had planned to use Keystone to ship some of its North Dakota crude, is already using other pipelines for half of its oil. And the percentage is growing.
“We’re supporting other pipelines out there; we’re not waiting on Keystone. Nobody is,” said Hamm, a former energy adviser to Mitt Romney’s 2012 presidential campaign, who made a vast fortune as an early investor in North Dakota’s booming Bakken oil shale region. “That thing … needed action on it six years ago. I just think it’s too late and we need to move on.” …
(Excerpt) Read more at politico.com ...
Comments?
85 in the country.
I believe the export of US oil is still illegal.
In pretty serious conflict with free market principles.
Irrelevant to his own bottom line, of course.
I am continuingly flabbergasted by these news sources that keep throwing this crap out there and assume that we, voters, have NO IDEA what actually motivates people to make such statements.
There’s that. There’s also the EPA, who would require so many regulations to be met that no company could profit from it.
Continental Resources. Continental Resources. Where have I heard that name before?
Oh yeah! Isn’t this the CEO who must paid $ billion to his ex? And she wants more?
“We’re supporting other pipelines out there; we’re not waiting on Keystone. Nobody is... That thing ... needed action on it six years ago. I just think it’s too late and we need to move on.”
Refineries don’t produce oil. They produce oil by-products that sell for much more than 85$ a barrel.
Cheap Oil Proves a Boon to Exxon, Chevron Refineries
http://www.bloomberg.com/news/2014-10-31/exxon-profit-rises-as-refining-boosted-by-lower-crude.html
Exporting crude is apparently illegal. The US exports ultralight condensate, though.
Yeah, but the very thought of it drives the environmentalists to a frenzy - I love it.....
As soon as Keystone starts building, it will further depress crude prices.
I know an oil refinery does not produce oil as oil is extracted from the earth, from shale, the ocean floor, etc. “I can see my stupid printed error above”. I saw rigs in the early 50’s. Now a barrel of oil holds 42 US gallons that is 44 gallons when it is opened and processed as it expands and one half of that 42 gallon barrel goes into producing gas for passenger type vehicles and then diesel is made before these products you mention are. Exxon and the big boys have ways to make money no matter the cost of oil as they have massive refineries that are the size of small cities. It is those other guys who are fracking and finding oil in other areas that are getting us closer to being self sufficient and more important, and; Keystone scares the hell out of Saudi Arabia as Canadian oil and more US drilling means we may not need them sometime in the near future. That fear has brought gas down as Saudi can produce oil for under 30 a barrel. We cannot. New shale here costs about 90 a barrel. I happen to think oil/gas is priced low now on purpose.
He might be right. In the end, Canada will find a way to move its oil which benefits Canada, but still gets sent to American refineries. The people who WOULD have benefited would have been Union Workers plus all the spinoff businesses it would have helped if not created. In the end, Obama comes off looking like a bigger jerk than before.
Sure it’s priced low on purpose, OPEC thinks they can bust the American producers fracking. Permian oil break even is $30.00, heard it on the radio today. That’s just a fraction of todays domestic oil. Canadian sands is also low cost.
Thanks for the INFO on Permian.
Bakkan and Texas fracked oil is much lighter...and doesn't work in most US refineries
Thank you for the INFO.
Oil sands crude seen reaching Gulf without Keystone XL
http://fuelfix.com/blog/2014/11/04/oil-sands-crude-seen-reaching-gulf-without-keystone-xl/
November 4, 2014
Oil-sands crude will supply Gulf Coast refineries regardless of how President Barack Obama rules on the Keystone XL pipeline, Alberta Premier Jim Prentice said...
TransCanada applied with Canadian regulators last week to build Energy East, a 4,600-kilometer (2,859-mile) link from Alberta to tidewater in New Brunswick. The C$12 billion ($10.6 billion) pipeline would be North America’s largest crude conduit, carrying 1.1 million barrels of oil a day without crossing into the U.S.
“The debate about Keystone is not a debate about whether, under the free trade agreement, Canadian crude can make its way to the Gulf Coast,” Prentice said, adding that the additional cost to ship crude by tanker from Canada’s Atlantic Coast is marginal. “It’s actually not that far from New Brunswick.”
About half of Energy East’s volumes will probably be exported from Canada to markets including the Gulf Coast, TransCanada Chief Executive Officer Russ Girling said last week. Using Energy East and crude tankers to get the oil to the Gulf will cost about $2 to $3 a barrel more than Keystone XL, he said.
Keystone be darned: Canada finds oil route around Obama
http://fuelfix.com/blog/2014/10/08/keystone-be-darned-canada-finds-oil-route-around-obama/
October 8, 2014
Energy East, an improbable pipeline that its backers say has a high probability of being built. It will cost C$12 billion ($10.7 billion) and could be up and running by 2018. Its 4,600-kilometer (2,858-mile) path, taking advantage of a vast length of existing and underused natural gas pipeline, would wend through six provinces and four time zones. It would be Keystone on steroids, more than twice as long and carrying a third more crude.
Its end point, a refinery in the blue-collar city of Saint John, New Brunswick, operated by a reclusive Canadian billionaire family, would give Canada’s oil-sands crude supertanker access to the same Louisiana and Texas refineries Keystone was meant to supply.
As well, Vladimir Putin’s provocations in Ukraine are spurring interest in that oil from Europe and, strange as it seems, Saint John provides among the fastest shipping times to India of any oil port in North America. Indian companies, having already sampled this crude, are interested in more. That means oil-sands production for the first time would trade in more than dribs and drabs on the international markets. With the U.S. virtually its only buyer, the captive Canadians are subject to price discounts of as much as $43 a barrel that cost Canada $20 billion a year.
And if you’re a fed-up Canadian, like Prime Minister Stephen Harper, there’s a bonus: Obama can’t do a single thing about it.
Done Deal
“The best way to get Keystone XL built is to make it irrelevant,” said Frank McKenna, who served three terms as premier of New Brunswick and was ambassador to the U.S. before becoming a banker.
Thanks thackney.
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