January 20, 2012
Keystone fallout: Canada to offer oil to China
President Barack Obama’s decision to reject a permit for TransCanada Corp.’s Keystone XL oil pipeline may prompt Canada to turn to China for oil exports.
Prime Minister Stephen Harper, in a telephone call [Wednesday], told Obama “Canada will continue to work to diversify its energy exports,” according to details provided by Harper’s office. Canadian Natural Resource Minister Joe Oliver said relying less on the U.S. would help strengthen the country’s “financial security.” The “decision by the Obama administration underlines the importance of diversifying and expanding our markets, including the growing Asian market,” Oliver told reporters in Ottawa. Link .. Read the original article at Bloomberg
Wednesday, January 18, 2012
'We're Complete Fools' for Cancelling Pipeline: Pickens
We're complete fools" for scuttling the Keystone Pipeline because it would've brought energy security to the U.S., well-known oilman T. Boone Pickens told CNBC Wednesday.
The chairman of BP Capital Management spoke after the Obama administration rejected Trans Canada's $7 billion pipeline project running from the western province of Alberta to Houston.
Proponents said the pipeline would have generated thousands of jobs jobs and lessened dependence on foreign oil while opponents said it would've increased the chance of spills in environmentally sensitive regions.
"You want energy security for America and this was one part of the puzzle," said Pickens, long a proponent of developing oil from American shale and the backer of legislation promoting using alternative fuel sources in big trucks.
"We treat Canada as if it’s a secondary state of the United States," Pickens said. "Canada is a sovereign country, and they have told you you either take the pipeline, we’ll make the oil available to you or we’re going west to British Columbia and they’ll export the oil to China."
"So you’re going to fool around here and that oil’s gonna be connected to China instead of the United States," he added. "I mean, we’re complete fools."
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