America loses, China and OPEC win with Biden's energy agenda: John Catsimatidis
"I am very concerned for the entire oil industry in the United States," Catsmitidis said.
{{#rendered}} {{/rendered}}United Refining Company Chairman and CEO John Catsimatidis told "Fox & Friends" on Tuesday that he is "very concerned for the entire oil industry in the United States" under the Biden administration.
"Don't forget the United States and Canada, we have a hundred years worth of crude oil," said the Gristedes Foods CEO.
"And what happens is the cancellation of the pipeline is going to cost 11,000 new high-paying union American jobs," Catsimatidis said, adding that the Saudis and Russians were "panicked" to see the level of U.S. energy production with fracking.
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In his first day in office, President Biden signed an executive order to halt the construction of the Keystone XL Pipeline, which was meant to transport Canadian crude oil to the U.S., citing the climate-change crisis as the reason.
The move swiftly eliminated the estimated 11,000 U.S. jobs – including 8,000 union jobs – the project would have sustained in 2021.
{{#rendered}} {{/rendered}}"You know what happens now? [Oil] is going to be distributed by Saudi Arabia and the OPEC nations. America loses, OPEC wins. That's the whole situation," Catsimatidis said.
"In addition, the Canadian crude oil could go to the Canadian coast, it could go to China. So, again, America loses and China wins. And it's very much concerning for the American economy. And I've asked all of my friends that are very close to President Biden to ask him to review the situation because we don't want to hurt the American economy."
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{{#rendered}} {{/rendered}}Biden's $2 trillion clean energy infrastructure plan, with its goal of reaching net-zero emissions by 2050 at the latest, aims to "create millions of good-paying jobs that provide workers with the choice to join a union and bargain collectively with their employers," according to his website.
Gina Raimondo, Biden's nominee for secretary of commerce, said recently before the Senate that the Biden administration will ensure union workers who lost jobs due to the blocking of the XL pipeline will get new jobs.