Republican oil mogul says Keystone pipeline is irrelevant to his industry
While the congressional argument over the Keystone XL pipeline approaches critical mass, a Republican who knows a thing or two about the oil industry says the debate has become a waste of time.
His name is Harold Hamm, and HERE‘s what he says:
“It’s not relevant at all in my opinion. And here we are making it relevant now? Forget it,” the billionaire CEO of Oklahoma-based Continental Resources told POLITICO in an interview Friday…
Hamm said his company, which had planned to use Keystone to ship some of its North Dakota crude, is already using other pipelines for half of its oil. And the percentage is growing.
“We’re supporting other pipelines out there, we’re not waiting on Keystone. Nobody is,” said Hamm, a former energy adviser to Mitt Romney’s 2012 presidential campaign, who made a vast fortune as an early investor in North Dakota’s booming Bakken oil shale region. “That thing … needed action on it six years ago. I just think it’s too late and we need to move on.”
Another factor: Both the U.S. and international markets are awash in oil, he said, which has driven prices down sharply in recent months to their lowest levels in roughly four years.