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Title: Fox Deception: Keystone XL Pipeline Would Lower Domestic Gas Prices
Source:
Mediamatters for America
URL Source: http://mediamatters.org/blog/201201260001
Published: Jan 26, 2012
Author: Andy Newbold
Post Date: 2012-02-26 10:04:54 by lucysmom
Keywords: None
Views: 1602
Comments: 3
Tonight on Fox Business' Power And Money, David Asman hosted Joe Petrowski, President and CEO of Gulf Oil LP, to claim that because President Obama has decided not to immediately build the Keystone XL (KXL) pipeline and pursue additional domestic oil production, gas prices will increase as early as "the summer." Petrowski specifically asserted that building the pipeline could reduce gas prices in the long term by as much as "20 to 30 cents a gallon." However, according to researchers at the Cornell University Global Labor Institute, TransCanada, the proposed manufacturers of the pipeline, admitted that "KXL will increase the price of heavy crude oil in the Midwest by almost $2 to $4 billion annually." The Cornell study explains that this will happen as a result of "diverting major volumes of Tar Sands oil now supplying the Midwest refineries, so it can be sold at higher prices to the Gulf Coast and export markets." Fox expects us to take Petrowski at his word when he claims that building KXL could result in gas prices dropping "20 to 30 cents a gallon"; indeed, Asman responds to his claim by saying that the Gulf executive is "on the retail side of the gas business, so you know" how gas prices come about. But the Cornell University study estimates nearly the exact opposite of Petrowski's claim, estimating that building the KXL pipeline could increase domestic gas and diesel fuel prices in some states by between "10 to 20 cents more per gallon" and, to rub salt on the wound, possibly "cancel out some or all of the jobs created by KXL" after only one year of increased fuel prices. From the study: HIGHER FUEL PRICES IN 15 STATES According to TransCanada, KXL will increase the price of heavy crude oil in the Midwest by almost $2 to $4 billion annually, and escalating for several years. It will do this by diverting major volumes of Tar Sands oil now supplying the Midwest refineries...
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#1. To: lucysmom (#0)
(Edited)
OK, so the Tar Sands oil is not going to Midwest refineries but to South America and Europe. All of the oil that they've been buying elsewhere, is now sitting around waiting for us to buy cheap. You can't get past the fact that there's more oil available globally, so the price will go down. IMO this tar sands oil is really to run the war machine when Oilbomber blows many of the Mideast oil wells and refineries to smithereens, in his ongoing "humanitarian aid" wars. If the straight of Hormuz is closed, he's definitely going to need those Canadian Tar Sands.
Obama's watch stopped on 24 May 2008, but he's been too busy smoking crack to notice.
So you want to enable Obama's wars to come by building the pipeline?
Anyone claiming to be an expert is selling something. I brandish my ignorance like a crucifix at vampires. Aaron Bady
No, I want to bring the troops home so that they can drive muscle cars burning leaded Sunoco 101 octane gas. They need cheap gas, since they don't get paid a whole lot, and the MPG on those cars is lousy.
Obama's watch stopped on 24 May 2008, but he's been too busy smoking crack to notice.
"We (government) need to do a lot less, a lot sooner" ~Ron Paul
#2. To: hondo68 (#1)
IMO this tar sands oil is really to run the war machine when Oilbomber blows many of the Mideast oil wells and refineries to smithereens, in his ongoing "humanitarian aid" wars.
#3. To: lucysmom, *Liberal Rehab Staff* (#2)
So you want to enable Obama's wars to come by building the pipeline?
"We (government) need to do a lot less, a lot sooner" ~Ron Paul
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