On Fox Business’ appropriately named Power and Money show last night, President and CEO of Gulf Oil Joe Petrowski falsely claimed that approving the Keystone XL pipeline would reduce gas prices “20 to 30 cents a gallon.” According to researchers at Cornell University, the pipeline would in fact have the opposite effect (PDF), due to its diversion of oil to the export hub in Houston.

Here’s the transcript of the relevant part of the clip above:

Host David Asman:Their argument, and I know you’ve heard it before, is that, well oil is fungible, there’s this big pot of it somewhere in Saudia Arabia or wherever. It all goes into that pot and it doesn’t matter whether the oil comes through the pipeline to the gulf or it goes to China. Are they right or wrong?

Joe Petrowski, President and CEO of Gulf Oil: They’re extremely wrong. I realize the federal learning curve is more shallow than most. They’re spending $6 billion, they’re going to get a return on that pipeline. That means there’s going to be revenue from that pipeline, which means there are costs that are going to come down. That pipeline will probably bring down long term, if we get the type of production in the northern tier that we expect, 20 to 30 cents a gallon.