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The Canadian Press reports Republicans in the US Congress are once again attempting to force through the approval of TransCanada’s Keystone XL project.
Republicans are trying to include provisions that would approve the Alberta-to-Texas pipeline in a highway bill that is working its way through both houses of the legislature this week.
The Canadian Press reports:
The energy component of the package includes a measure that would reverse President Barack Obama’s decision last month to reject the $7.6-billion pipeline that would transport oilsands bitumen from northern Alberta through six U.S. states to Gulf Coast refineries.
TransCanada Corp expects to reapply for a presidential permit for its delayed Keystone XL pipeline “in the near future” and expects it will receive the approval early in 2013, the head of the company’s pipeline division said on Tuesday.
At the same time TransCanada is considering building the 800,000 barrel a day pipeline in phases starting with the section that goes from Cushing Oklahoma, where inventories have been piling up, to the Gulf Coast getting attention first.
Canadian pipeline company TransCanada Corp. (TRP) said it has received more interest from oil shippers in splitting off the southernmost piece of the controversial Keystone XL pipeline project, which wouldn’t need the same cross-border approval that is stalling the full pipeline, envisioned to run from Alberta to Texas.
A ramp up in production in Canada and the US is the reason for the Cushing glut which has made Canadian oil sands output some of the cheapest crude on the planet.
Alberta oil sands production is set to more than double to 3.7 million barrels by 2025 out of a total of 4.7 million including conventional oil. Production in the US, particularly from the Bakken basin in North Dakota, will see the country ramp up current output of 7.8 million barrels/day to 10.9 million barrels over the next few years.
6 Comments
Wynnparks
The proponents of the XL Keystone wank are a gluttonous lot who imagine that the whole North American buffet has been provided by God strictly for their delectation, and no matter how often the hostess tells them there’s other people to be fed, they keep returning to the board, greasy handed; trying to walk out with the barbeque platter.
Naive 666
ultimately the big oil companies will pocket handsomely, and both the governments will enjoy taxes $$$ all the way to banks.
the environment and future generations will bear all the concept of use now and clean later!!
Mario Faz
Quote: ” ultimately the big oil companies will pocket handsomely, and both the governments will enjoy taxes $$$ all the way to banks.
the environment and future generations will bear all the concept of use now and clean later!!”
Naive 666. you are putting the cart ahead of the horses. how come you can envision a big oil or gas spill before even the pipeline is built? Have you review the blueprints? Have you have the knowledge or the technical capacity to presents your objections? Are you aware that at this moment we depend in a high percentage of foreign oil imports of Arab countries that are not precisely in a political stability to continue sending us oil? Have yo heard about the threat of Iran to eventually close the Ormuz Strait and therefore cut a great part of our oil supply?
Do you think that stock holders of the big oil companies and all companies involved in the oil and gas business pocket all the money? The working class people the work for free and don’t pay their taxes? Do yo want the US have another energy crisis like the one we suffered some time ago? Are you an american? Do you care for your country and the people that live in or worried about only the environment and a future that you don’t even have the slightest idea that will become in the next 20 or 30 years?
When you answer me these question I’ll can have an idea what you are an environmental looney or an american. I’ts that simple. I think you are a completely out of focus.THINK!
Naive 666
11)sorry I’m not American, nor some kind of paid “Starbuck environmentalist”
but I’m just a small potato who I think our live or living standard are constantly manipulated by the Cartel, big financial institutions, wall street crocs, greedy speculators etc etc. who made our life more miserables, unaffordable and unsustainable.
22) All I know is Canada because of this tar sand project, will be a single largest
contributor of carbon emission 6-7% (worldwide??)once approved in many years (or generations) to come. It takes 6 times more of the fresh water or recycled water/ energy/heat to produce a barrel.
I did not even mention the potential crisis of an eventual oil spillage, but this project is
unsustainable environmentally in view of using too much water, toxic compoundment, nuclear energy etc. sorry I’m not a technical person.
33) yes I read news from many different sources unlike you who’s been whitewashed by Canadian or American medias.
yes I understand Canada the so-called world 2nd largest crude oil deposits after Saudi, but laced with bitumen, would like to be self-sustainable in own energy sources.
but do you think when the tar sand is in production, being the producing country, the
big corp. /govt will reduce your gas price back to $0.49/litres?? (like Saudi, Venzuela?) NO, the big corporations and govt will certain would like to have big big profits, handsome dividends, and 6-7 figures salary for its executives, more bonus ,
unending dividends for their shareholders?? they’ll say we have higher costs of productions, our mission is “rip-as-much profit” as possible for the shareholders (who mostly are banks, financial institutions) blah blah blah, ever wonder when price /barrel drop, it takes ages for big oil company to reduce their pump price?? when oil shoot up the next day, the pump price changes instantly!!
ever wonder why Canadian pump price is 30% higher than American?? oh isn’t that
Canada has a smaller population?? higher govt taxes etc etc…..all these BS!!
44) talk of oil /energy security – the govts/ big corporations, financial institutions have so many donkey years to come up with alternate energy models ?? but who cares, it’s only $30-40/barrel. when now it’s over $100/barrel, every govt, institution, academia start chasing alternate energy?? strange, i think The American/Canadian govts, giants MNCs, wall st. speculators are to blame, and part of it to speculating a higher prices for bigger profit.
the unceasing appetite of MNC’s CEO’s to ripped maximum profits and dividends for
its shareholders like u.
don’t tell me you’ll buy a penny stock that’ll not give dividends. GREED!!
55) Enough is Enough, Canada has a 2nd highest per capital for carbon emission for its small 33 million population. we should think “small is beautiful”, De-growth should be the concept for our future generations, think of Buddhism (as philosophy not religion per se) economy, then it’ll be a better world to live in. Stop dreaming of more
computer gadgets!!
Mark Harder
Some questions I would like to have answered: What’s the point of pumping crude oil across the entire US to Houston? Is it really intended for export from the port of Houston? If not, wouldn’t it be the overall process be cheaper, provide more US jobs, and do more to decrease the domestic price of fuel if we built a refinery in the northern US and distributed petro-products from there?
Mindy Rodriguez
Why would anyone like Julia Louis Dreyfus want to rally against a pipeline which would help many Americans get jobs and keep the price of oil down? That is right…because she is a member of the Louis Dreyfus Group family which owns crude oil, gas, coal, commodities, pipelines and she is a super hypocrite. Must be nice to be a billionaire and rally against something that would help so many Americans. Boycott VEEP and all reruns of SEINFELD and OLD CHRISTINE…and be sure to notify the advertisers that you are doing so.