Official oil sands pipeline approval a step closer
Confirming details leaked to the Washington Post on Wednesday the US State Department said on Friday a proposed $7 billion extension of the Keystone pipeline to US Gulf Coast refineries would not likely boost the amount of crude produced from Alberta's oil sands, suggesting it would have limited impact on the environment.
A final decision on the controversial pipeline could come as soon as the end of the year. The news comes as demonstrators in front of the White House continue being arrested in efforts to convince President Barack Obama of Keystone XL’s dangers. The price Canada can charge for crude exports to the US is falling further behind the international benchmark because of a glut in the Midwest and some hedge funds have started to bet that the spread could go as high as $50/barrel leaving Alberta producers millions of dollars out of pocket per day.