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Former Shell Oil president reacts to Keystone Pipeline uncertainty - YouTube
Channel: Fox Business
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DAGEN: PRESIDENT BIDEN鈥橲 ENERGY
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DAGEN: PRESIDENT BIDEN鈥橲 ENERGY
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ACTIONS, KILLING KEYSTONE XL
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PIPELINE.
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THIS IS PART OF A SLEW OF
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EXECUTIVE ORDERS DURING BIDEN鈥橲
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FIRST FEW DAYS IN OFFICE.
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JOINING ME TO DISCUSS THE IMPACT
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OF THE DECISIONS ON THE ENERGY
SECTOR, FORMER SHELL PRESIDENT
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SECTOR, FORMER SHELL PRESIDENT
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SEAN-- SAWN HOFFMIESTER.
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WHAT ABOUT THE IMPACT, WE ARE
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FINALLY THE WORLD鈥橲 LARGEST
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PRODUCER OF OIL, ENERGY, MAJOR
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JOB CREATOR, HIGH-PAYING,
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BLUE-COLLAR JOBS, WHAT DOES THIS
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DO TO THOSE PEOPLE EMPLOYED IN
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THE ENERGY SECTOR?
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>> WELL, IN THE FIRST INSTANCE,
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IT CREATES A GREAT DEAL OF
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UNCERTAINTY WHICH IS VERY
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DIFFICULT TO MANAGE IN A
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BUSINESS THAT REQUIRES BILLIONS
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OF DOLLARS AND YEARS OF
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PLANNING.
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AND SO -- BUT NOBODY SHOULD BE
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SURPRISED THE BIDEN CAMPAIGN
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TELEGRAPHED WHAT THEY WERE GOING
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TO DO AND THE AMERICAN PEOPLE
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VOTED FOR BIDEN.
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AND SO THE OIL AND GAS INDUSTRY
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HAS A LOT OF RESILIENCE BUILT
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INTO IT FORTUNATELY, IT HAS A
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LONG HISTORY.
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I THINK IT ALSO HAS A FAIRLY
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LONG FUTURE.
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WE ARE NOT GOING TO GET RID OF
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FOSSIL FUELS IN A FOUR-YEAR TERM
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OR EIGHT-YEAR TERM OF AN
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ADMINISTRATION.
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IT鈥橲 JUST NOT GOING TO HAPPEN.
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WHAT WILL HAPPEN IS THAT THE
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PRICE OF OIL WILL GO UP AND THE
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PRODUCTION OF U.S. OIL WILL GO
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DOWN.
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SO WE HELP RUSSIA, WE HELP THE
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MIDDLE EAST, OPEC COUNTRIES AND
-- BUT THE AMERICAN PEOPLE
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-- BUT THE AMERICAN PEOPLE
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CANNOTCAN-- CANNOT SHIFT TOELECT
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PROCESS, DAGEN.
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MEANWHILE WE CONTINUE TO NEED
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PETROLEUM PRODUCTS FOR SO MANY
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OTHER APPLICATIONS, FROM
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AGRICULTURE TO CLOTHING, TO ALL
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KINDS OF OTHER USES THAT -- THAT
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INVOLVE MEDICAL, PHARMACEUTICALS
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AND SO AND ALL THE PLASTICS THAT
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WE USE IN THE SOCIETY.
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I DON鈥橳 SEE THE INDUSTRY
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DISAPPEARING.
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I DO SEE IT ADJUSTING AND
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ADAPTING.
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YES, FEWER JOBS, UNFORTUNATELY,
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GOOD-PAYING JOBS, BUT WE WENT
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THROUGH THIS WITH OBAMAMENT I
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THINK WE WILL GO THROUGH IT WITH
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BIDEN AND THEN THE INDUSTRY WILL
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STILL SURVIVE, THE HIGHER PRICE
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OF OIL WILL ENABLE IT TO DO
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BETTER WHICH MAY MEAN WE HAVE
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MORE CAPITAL FOR THE ENERGY
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TRANSITION COMING FROM THE OIL
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AND GAS COMPANIES WHICH MEANS
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FOR ATTENTION TO CARBON CAPTURE
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AND MORE ATTENTION TO CLEANER
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ENERGY, SO IT鈥橲 IN THE ALL BAD.
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DAGEN: BUT I JUST LOOK AT THEM
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KILLING THE KEYSTONE XL POPLINE,
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THAT OIL WILL THEN HAVE TO BE
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TRANSPORTED ON CARS AND RAIL
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TRACKS, GREATER SOURCE OF
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POLLUTION OR EMISSIONS THAN A
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PIPELINE OR THE OIL GOES
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OVERSEAS TO CHINA WHICH IS STILL
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BUILDING COAL-FIRE POWER PLANTS.
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>> YEAH.
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DAGEN: AGAIN, THEY DON鈥橳 LOOK AT
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THE CONSEQUENCES.
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>> THE KEYSTONE CANCELLATION
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MAKES NO SENSE FOR THE FUTURE
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GOOD OF THE AMERICAN PEOPLE.
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AND WE WILL PAY A PRICE FOR THAT
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AND WHETHER IT鈥橲 TRAIN WRECKS
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AND OIL SPILLS ACROSS THE
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PRAIRIES OF THE MIDWEST BECAUSE
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PIPELINES ARE SO MUCH SAFER THAN
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RAIL OR WHETHER IT鈥橲 THE
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REFINERIES ON THE GULF COAST,
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NOT GETTING THAT CANADIAN SUPPLY
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WHICH THEY WERE EXPECTING,
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REMEMBER, BACK IN THE 2012
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CAMPAIGN.
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PRESIDENT OBAMA SHOWED UP IN
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OKLAHOMA TO PROMOTE THE KEYSTONE
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XL PIPELINE BUT THEN HE NEVER
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APPROVED IT.
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NOW WE HAVE A NEW PRESIDENT WHO
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CANCELS IT IN HIS FIRST DAY IN
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OFFICE.
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I鈥橫 NOT SURPRISED THAT HE DID
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THAT BECAUSE HE BASICALLY SAID
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HE WAS GOING TO DO IT.
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BUT YOU鈥橰E RIGHT, IT鈥橲 VERY
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SHORT-SIDED BECAUSE WE ARE GOING
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TO CONTINUE TO NEED
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INFRASTRUCTURE.
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EVEN IF WE DON鈥橳 USE GASOLINE AT
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SOME POINT, WE STILL NEED
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PETROLEUM FOR SO MANY OTHER
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APPLICATIONS INCLUDING JET FUEL.
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AND INCLUDING, YOU KNOW, HEAVY
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FREIGHT AND JUST LIKE I SAID
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BEFORE, THE -- THE PETRO
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CHEMICAL INDUSTRY.
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OIL IS NOT GOING AWAY.
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ANYONE THAT THINKS IT IS,
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CERTAINLY DOESN鈥橳 UNDERSTAND HOW
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THE ECONOMY WORKS AND HOW
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SCIENCE WORKS AND SO IT鈥橲 JUST
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GOING TO BE A STRUGGLE, DAGEN.
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WE ARE IN FOR A NUMBER OF YEARS
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OF STRUGGLE WHILE WE ALSO WORK
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ON THE NEXT SET OF ALTERNATIVES.
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DAGEN: POLITICALLY, THE UNIONS
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SPOKE UP AND WERE UPSET ABOUT
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THE DEATH OF A KEYSTONE XL
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PIPELINE, 10,000 JOBS JUST WIPED
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OUT.
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SO CLEARLY THE BIDEN
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ADMINISTRATION SIDED WITH
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LEFT-WING CLIMATE ACTIVISTS
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INSTEAD OF THE UNIONS.
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THAT SPEAKS VOLUMES.
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