The former president of Shell Oil says President Joe Biden’s cancellation of the Keystone XL pipeline project “makes no sense for the future good of the American people,” warning “we will pay a price for that.”.John Hofmeister made the comments on FOX Monday morning..“Oil is not going away. Anyone that thinks it is, certainly doesn’t understand how the economy works and how science works and so it’s just going to be a struggle,” he said..“We’re in for a number of years of struggle while we also work on the next set of alternatives.”.In addition to halting Keystone, Biden renewed the U.S. commitment to the Paris climate accord last Wednesday, the first day he was in power..Hofmeister said Biden’s move will create huge uncertainty in the energy industry..“It creates a great deal of uncertainty, which is very difficult to manage in a business that requires billions of dollars and years of planning,” Hofmeister, who retired as head of Shell in 2008, told Fox..“We’re not going to get rid of fossil fuels in a four-year term or an eight-year term of an administration. It’s just not going to happen. What will happen is that the price of oil will go up and the production of U.S. oil will go down.”.Alberta has billions of dollars tied up in the cancelled project, with $1.5 billion of taxpayers’ money handed to operator TC Energy already, along with $6 billion in loan guarantees..In a letter to Trudeau Friday, Alberta Premier Jason Kenney claims when Biden cancelled the Keystone XL pipeline expansion project on Wednesday, he broke several free trade regulations..“At the very least, I call upon the government of Canada to press the US Administration to compensate TC Energy, and the Alberta government, for billions of dollars of cost incurred in the construction of Keystone XL to date,” Kenney’s letter said.. Mossleigh pub briefly opens before authorities move in .During the Democratic primaries and campaign, Biden vowed to kill the pipeline, large portions of which have already been built in Alberta. He made the vow before Alberta invested it’s money..Biden and Vice President Kamala Harris, have also said in the past they would put an end to fracking, a promise they did not repeat during the campaign..The Keystone pipeline runs from Alberta to refineries in Illinois and Texas..The new pipeline would have run from Hardisty, Alberta to Steele City, Nebraska..Dave Naylor is the News Editor of the Western Standard.dnaylor@westernstandardonline.com.TWITTER: Twitter.com/nobby7694
The former president of Shell Oil says President Joe Biden’s cancellation of the Keystone XL pipeline project “makes no sense for the future good of the American people,” warning “we will pay a price for that.”.John Hofmeister made the comments on FOX Monday morning..“Oil is not going away. Anyone that thinks it is, certainly doesn’t understand how the economy works and how science works and so it’s just going to be a struggle,” he said..“We’re in for a number of years of struggle while we also work on the next set of alternatives.”.In addition to halting Keystone, Biden renewed the U.S. commitment to the Paris climate accord last Wednesday, the first day he was in power..Hofmeister said Biden’s move will create huge uncertainty in the energy industry..“It creates a great deal of uncertainty, which is very difficult to manage in a business that requires billions of dollars and years of planning,” Hofmeister, who retired as head of Shell in 2008, told Fox..“We’re not going to get rid of fossil fuels in a four-year term or an eight-year term of an administration. It’s just not going to happen. What will happen is that the price of oil will go up and the production of U.S. oil will go down.”.Alberta has billions of dollars tied up in the cancelled project, with $1.5 billion of taxpayers’ money handed to operator TC Energy already, along with $6 billion in loan guarantees..In a letter to Trudeau Friday, Alberta Premier Jason Kenney claims when Biden cancelled the Keystone XL pipeline expansion project on Wednesday, he broke several free trade regulations..“At the very least, I call upon the government of Canada to press the US Administration to compensate TC Energy, and the Alberta government, for billions of dollars of cost incurred in the construction of Keystone XL to date,” Kenney’s letter said.. Mossleigh pub briefly opens before authorities move in .During the Democratic primaries and campaign, Biden vowed to kill the pipeline, large portions of which have already been built in Alberta. He made the vow before Alberta invested it’s money..Biden and Vice President Kamala Harris, have also said in the past they would put an end to fracking, a promise they did not repeat during the campaign..The Keystone pipeline runs from Alberta to refineries in Illinois and Texas..The new pipeline would have run from Hardisty, Alberta to Steele City, Nebraska..Dave Naylor is the News Editor of the Western Standard.dnaylor@westernstandardonline.com.TWITTER: Twitter.com/nobby7694
