Wednesday, December 28, 2011
Rick Perry Thinks...
Canada is part of the United States. Talking about the Keystone XL pipeline, he said:
“Every barrel of oil that comes out of those sands in Canada is a barrel of oil that we don’t have to buy from a foreign source,”
Ahhhh, Rick. Canada is a foreign source.
Furthermore, it is questionable whether the Keystone XL pipeline will have any significant effect on our dependence on foreign oil (other than Canadian foreign oil). According to presentations to investors, Gulf Coast refiners plan to refine the cheap Canadian crude supplied by the pipeline into diesel and other products for export to Europe and Latin America. Proceeds from these exports are earned tax-free. Much of the fuel refined from the pipeline’s heavy crude oil will never reach U.S. drivers’ tanks. (Source)
Note: The US is already a net exporter of refined oil products. Want to reduce the price of your gasoline? How about we stop selling it overseas, and increase the supply at home.
Fat chance of that happening!