As gas prices continue to increase worldwide, a steel industry CEO calls out the Biden Administration for canceling Keystone XL Pipeline expansion. During his appearance on Fox News’ Mornings With Maria, Barry Zekelman, CEO and Chair of Zekelman Industries, spoke about how the Biden Administration’s energy policies are causing damage to the steel industries. He went as far as stating that canceling oil pipelines is not going to solve global warming.
What to Know:
- Barry Zekelman, CEO and Chair of Zekelman Industries, stated that the Biden Administration’s energy policies has caused damage to the steel industry.
- Zekelman stated that canceling oil pipeline like the Keystone XL Pipeline is not going to solve global warming.
- At the time the Biden Administration ended its construction, Keystone XL Pipeline’s $8 billion expansion was reportedly about 8% completed.
- Many experts have agreed that the Keystone XL Pipeline wouldn’t have prevent the U.S. gas price increase.
“You know, when [the Biden Administration] canceled the Keystone Pipeline, it’s really a red herring right?” Zekelman stated. “That’s not going to solve global warming. All we did is export the demand for oil and supply of oil to other countries. Who quite frankly, produce it in a much dirtier way than the U.S.”
Zekelman continued to declare that the U.S. is asking countries that are not allies to ship more oil. “So we’re doing a disservice to the industry. But when you do that, you also limit capital investment by canceling that pipeline. You know, you’ve got companies that spent $15 billion, putting that in. Now, it’s gone.”
Would the Closed Keystone XL Pipeline Decrease the Price of Gas in the U.S.?
According to CBS News, the Keystone XL pipeline is an expansion of an existing North American pipeline. It would have carried 830,000 barrels of crude oil from Albert Canada to Nebraska daily at its peak. However, at the time of the Biden Administration shut down its construction, the $8 billion expansion was only around 8% completed.
The media outlet also reports many experts agree that moving ahead with the Keystone XL Pipeline construction wouldn’t have actually prevented the U.S. gas prices from excessively increasing. It was also noted that the expansion would have increased global oil production by less than 1%.
Gregory Nemet, professor of public affairs at the University of Wisconsin-Madison’s Wisconsin Energy Institute, spoke about the argument for the pipeline. “I can see why people make that connection. But in terms of gasoline prices and global oil prices, it’s just something it’s better to just ignore. Because it would have no impact.”
Nemet went on to add that even if the pipeline was already built, it wouldn’t have helped with decreasing gas prices. He said that the U.S. already doubled its oil production over the past 15 years. “The key lesson here is the u.S. is not the whole story here. It’s a global market. And so we’ve got 8 billion people that are consuming oil and many countries that are producing it. And it all goes into one market.”