17 Nov '11, 11pm

Proposed Keystone XL reroute sends Midwest oil prices surging

Cross-posted from ThinkProgress Green . After the spiking of the Keystone XL pipeline by the Obama administration, the tar-sands industry moved quickly to open an alternate route from Canada to Gulf Coast refineries. With the announcement of the pipeline deal, U.S. oil prices spiked, on the expectation that Canadian tar-sands crude would no longer be locked in the Midwest market. ConocoPhillips sold its stake in the Seaway Pipeline, which connects Texas to Oklahoma, to Enbridge Inc. Enbridge plans to alter the 200,000 barrel-per-day (bpd) pipeline so that it can take Candian crude from Oklahoma to Texas: The sale of an oil pipeline running from Oklahoma to Texas upended U.S. energy markets Wednesday, sending the price of crude surging above $100 a barrel as America copes with the promise and pitfalls of its new energy boom. Enbridge Inc. -- which bought a 50 percent stake ...

Full article: http://www.grist.org/oil/2011-11-17-keystone-xl-reroute-m...

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