This massive project with huge support from the unions is shovel-ready. The pipe is already staged and the crews are already hired. And most of the crews are union. But the government has put the project on hold.
Nancy Pelosi will shut it down.
As noted, I hold shares in ENB and EEP and this can only be great news for Enbridge; both ENB and EEP are up nicely today. ENB/EEP pipelines "carry the lion's share of Canadian crude exports to the United States."
Takeaway capacity exceeds production in the Bakken right now (including 10% shipped by rail, and 10% trucked to Canada), so delay will have minimal effect on oil costs in the Bakken. However, pipelines generate a fair amount of income for surface owners and the counties.
UPDATES
Update, October 21, 2010: Many big projects won't happen because no national leadership. No strategic vision. No sense of greatness. I have driven the "Big Dig" in Boston. It was worth it. A $15 billion project and complaints because of one death.
