Former Cumberland Farms Gulf Oil Group CEO Joe Petrowski slammed the Biden administration on Monday as "inept in energy" and explained the "very easy" way the U.S. can reclaim its energy independence once again.
Speaking on "Mornings with Maria," Petrowski argued that building pipelines is the key to restoring U.S. energy independence, "whether the Keystone or other pipelines."
Biden revoked the permit for the 1,700-mile pipeline on his first day in office, ending a project that was expected to employ more than 11,000 Americans last year.
Biden also temporarily suspended the issuance of oil and gas permits on federal lands and waters.
Petrowski noted that Canada has "a trillion barrels of reserves."
"And the other thing which people don’t understand is to ship that oil from Canada to U.S. refineries is 75 cents a barrel to put it on a vessel, if you can even get a vessel, is $3 a barrel. So we are talking three times higher," he continued.
"So not only are you transferring money to dictators and despots and people that wish us ill, but you’re paying more money to ship it here because if you can get the ship or the crew, it’s going to cost three times as much as the pipeline and that just adds to the price."
"I mean I have never seen anybody as inept as energy as the Biden Administration," Petrowski went on to say.
He was referring to President Biden’s request for other countries, including Iran and Venezuela, to produce more oil amid tight supply and increasing demand as the war between Russia and Ukraine rages on.
|USO||UNITED STATES OIL FUND L.P.||79.40||-1.46||-1.81%|
|BNO||UNITED STS BRENT OIL FD LP UNIT||31.50||-0.57||-1.78%|
The price of oil has soared in recent days, especially since Russia invaded Ukraine more than two weeks ago. On Monday, U.S. crude prices retreated to $101 per barrel, while Brent, the global benchmark, traded around $105.