Do you remember when President Obama visited Cushing, OK? He visited oil workers there on March 22, 2012. Here's an excerpt of what he said:
Yesterday, I visited Nevada and New Mexico to talk about what we're calling an all-of-the-above energy strategy. It's a strategy that will keep us on track to further reduce our dependence on foreign oil, put more people back to work, and ultimately help to curb the spike in gas prices that we're seeing year after year after year.
So today, I've come to Cushing, an oil town -- (applause) -- because producing more oil and gas here at home has been, and will continue to be, a critical part of an all-of-the-above energy strategy.
Now, under my administration, America is producing more oil today than at any time in the last eight years. (Applause.) That's important to know. Over the last three years, I've directed my administration to open up millions of acres for gas and oil exploration across 23 different states. We're opening up more than 75 percent of our potential oil resources offshore. We've quadrupled the number of operating rigs to a record high. We've added enough new oil and gas pipeline to encircle the Earth and then some.
So we are drilling all over the place -- right now. That's not the challenge. That's not the problem. In fact, the problem in a place like Cushing is that we're actually producing so much oil and gas in places like North Dakota and Colorado that we don't have enough pipeline capacity to transport all of it to where it needs to go -- both to refineries, and then, eventually, all across the country and around the world. There's a bottleneck right here because we can't get enough of the oil to our refineries fast enough. And if we could, then we would be able to increase our oil supplies at a time when they're needed as much as possible.
Now, right now, a company called TransCanada has applied to build a new pipeline to speed more oil from Cushing to state-of-the-art refineries down on the Gulf Coast. And today, I'm directing my administration to cut through the red tape, break through the bureaucratic hurdles, and make this project a priority, to go ahead and get it done. (Applause.)
President Obama discussed some of the re-routing of the pipeline for environmental concern and added the following:
So what we've said to the company is, we're happy to review future permits. And today, we're making this new pipeline from Cushing to the Gulf a priority. So the southern leg of it we're making a priority, and we're going to go ahead and get that done. The northern portion of it we're going to have to review properly to make sure that the health and safety of the American people are protected. That's common sense.
But the fact is that my administration has approved dozens of new oil and gas pipelines over the last three years -– including one from Canada. And as long as I'm President, we're going to keep on encouraging oil development and infrastructure and people. We don't have to choose between one or the other, we can do both.”
Yes, Mr. President, we can do both. Please make a decision on Keystone-XL . Haven't we waited long enough?
Gregg Laskoski is a senior petroleum analyst for GasBuddy.com.
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