Energy

Approving Keystone pipeline won’t lower oil prices, says NEC Director Brian Deese

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President Joe Biden‘s top economic advisor suggested Friday the White House is not rethinking its decision to cancel the controversial Keystone XL oil pipeline in response to elevated crude and gasoline prices.

National Economic Council Director Brian Deese told CNBC the Biden administration is instead concentrating on policies and strategies that can deliver lower fuel prices as soon as possible. He pointed to Biden’s decision Thursday to begin releasing 1 million barrels of oil per day from the Strategic Petroleum Reserve over the next six months.

“Any action on Keystone wouldn’t actually increase supply, and it would transmit oil years in the future,” Deese said in a “Squawk on the…



Source cnbc.com

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