OT: 'OPEC obsolete' if Keystone pipeline OK'd: Pickens
The proposed Keystone XL oil pipeline from Canada to the U.S. would make "OPEC obsolete," billionaire energy entrepreneur T. Boone Pickens told CNBC on Wednesday.
"Canadians say they have 250 billion barrels [of oil]. That's exactly what the Saudis claim they have," he said in a "Squawk Box" interview. "You're sitting there with the same amount of oil available to the United States from Canada … as Saudi Arabia."
"But when you move the oil through the Strait of Hormuz everyday, it's 17 million barrels," Pickens said. "The Navy is shepherding a cartel daily through the Strait of Hormuz. And then to China and Europe, and we get 10 percent of it."
Since the pipeline by TransCanada would run from Alberta province through the U.S. to the Gulf of Mexico, it needs approval by President Barack Obama, who has faced intense lobbying from environmental groups against the project.
Note: i would refer to them as "pseudo-environmental groups" since there is ZERO benefit to the environment in vetoing the pipeline.