Keystone Pipeline Would Make OPEC 'Obsolete'

 

The Keystone XL oil pipeline would eliminate the United States' dependence on OPEC, says energy entrepreneur T. Boone Pickens.

"Canadians say they have 250 billion barrels [of oil]. That's exactly what the Saudis claim they have," he tells CNBC. "You're sitting there with the same amount of oil available to the United States from Canada . . . as [from] Saudi Arabia."

Meanwhile, the U.S. Navy protects the Strait of Hormuz so that 17 million barrels of oil travels through it a day, Pickens explains. Yet the United States only gets 10 percent of that supply, with much of the rest going to Europe and China.

"You could make them [OPEC] obsolete two or three different ways, and that [Keystone] is one of them."

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