Ero Copper cuts guidance, shares tumble
Ero also announced several leadership changes, following the retirement of co-founder Noel Dunn.
The city of South Portland does not want Alberta’s crude from getting anywhere near its waterfront. (Image from archives)
The South Portland City Council (Maine) voted Monday night to ban the transfer of crude oil onto ocean tankers, effectively ending any attempt to bring oil from western Canada through a pipeline to the city’s port, the second-largest oil terminal on the east coast.
Currently the pipeline transports crude from Portland to Canada and the ordinance is intended to prevent the reversal of its flow to bring Alberta oil sands into the American city, Bangor Daily News reported.
Prior to Monday’s vote, the city council had approved a temporary moratorium on the development of infrastructure necessary for the export of oil sands from the waterfront, the paper added.
Crude from Canada’s oil sands is fuelling the surge in North American production, but conservationists claim that sort of oil is especially difficult to clean if spilled, and dangerous to ship.
Tom Hardison from the Portland Pipe Line told AP the city has made a rush decision and bowed to environmental ”extremists.” He added the zoning changes amounted to a ”job-killing ordinance” that prevents the city’s oil terminals from adapting to meet the energy needs of North America.
Operators of the Portland Pipe Line have denied any current plan to reverse the flow of the pipeline. Supporters and other industry actors say the ordinance signals a willingness to restrict all businesses unfairly.
Built in 1941 to speed crude oil to Montreal refineries to support Canada’s war effort, the Portland line consists of two pipelines that can move 600,000 barrels a day. But over the last three decades, its business has dropped from serving about one tanker a day to about one a week, local press reported.
South Portland is a key stop in Enbridge’s (TSX:ENB) Line 9 pipeline reversal project, which would send Alberta crude eastward, to be refined at the Suncor refinery in Montreal.
10 Comments
Conodo Mose
Its apparent these folks falsely believe they dont use oil to fuel their cars, to transport their food, other goods, or falsely believe the lies promoting fears of the climate change hoax. They just need “time out” for awhile: the same as when I scold my children.
viirga
Sounds like a NAFTA violation.
Uncle MO
Hmm, and everyone who wanted this ordinance drove to the hearing in a vehicle that uses gasoline from their home that is heated using heating oil by the hundreds of gallons each winter. Maybe they should all buy a bicycle, tent, and an ax, especially the older retired ones with nothing better to do than complain. You know, the generation whose lifestyle has been so much better than their parents because of mankind harnessing energy resources so well. I am so politically incorrect, LOL.
cliff th geologist
I propose a ban on ALL petroleum products into the city. Let the council sit around a campfire and discuss how they have saved the world.
Bill
Canadians
Boycot all ME ski hills
MPT
With friends like these, who needs enemies?
windriders
So when do we start calling this what it actually is?
A U.S. trade war against Canada!
Bobby44
Fueled by lies and deceit. Better they import oil from those freedom loving Saudis and Venezuela. Maybe they could start dealing in blood diamonds too. It seems there is only some thing they perceive to be hard on their gentle sensibilities!
nobody24
Well, lost jobs, and reduced taxes from the Portland Pipeline company, will get the City’s attention. Enbridge can now build NEW pipeline, IN Canada. Canadian jobs, tax revenue… this is a win, win for Canada
geezer321
We keep our indebted “friends” to the south afloat with oil maybe it is time we throttle back on our national energy resources going south and preserve them for the future of Canada.