Big Oil: Now’s Time To Press Advantage On Fuel Prices
WASHINGTON D.C. (KMOX) - With gas prices starting to ease a bit and a big presidential election looming, lobbyists for Big Oil are going on the offensive.
Marty Durbin, executive vice-president for the American Petroleum Institute and nephew to U.S. Senator Dick Durbin of Illinois, says if they’re allowed to go after more crude oil and cost effectively transport it cross-country, i.e. the Keystone XL pipeline, then the current trend of declining gas prices can continue for years to come.
“The president has the authority right now to approve the entire Keystone XL pipeline,” Durbin tells KMOX News. “That will end up bringing 800-thousand barrels of oil a day here to the United States. And even though it won’t be here tomorrow, it will be here fairly quickly.”
He adds that despite the fact there are more electric and hybrid vehicles on the road than ever, energy production from oil is not going the way of the dinosaurs.
“Oil and natural gas is still going to account for fifty-seven percent of our energy needs in 2035,” he says. “So the question isn’t ‘Will we need more oil and natural gas?’ — we will — the question really is where do we want to get it?”
The Obama Administration continues to fight the development of the Keystone pipeline over environmental concerns.