Updates
February 27, 2013: with regard to "huge" after-hours drop in ENB yesterday; never mind. ENB is up slightly from yesterday's close. The after-hours drop appears to have been a one-off, but we will see how the rest of the day goes.
Original Post
The Wall Street Journal is reporting: Canadian officials have been ramping up their public lobbying in support of U.S. approval of TransCanada Corp.’s Keystone XL pipeline expansion. The Obama administration is expected to make a ruling in coming months.
Amid that campaign, Gary Doer, Canada’s ambassador to Washington, told Canada Real Time that he has a question for the American people: “Do you want your oil from Hugo Chavez or do you want it from Canada?”Disclaimer: this is not an investment site. Do not make any investment decisions based on anything you read at this site.
Bruce, the Eats and Treats in Bowman is open..
ReplyDeleteMay 15.
DeleteThis will be really, really interesting.
Again, I noted that the president telegraphed that he would expedite production in North Dakota, South Dakota, and Montana, if the sequester was stopped. The only thing holding up production in North Dakota, South Dakota, and Montana, is takeaway, and that means the only way the president can expedite Bakken production is approve the Keystone XL.
It looks like the word is out: the president will approve the Keystone XL.
I think Keystone will be, as originally designed, dilbit only.
ReplyDeleteThey don't allow ND sour on lines with ND sweet. It moves at different speeds and slows the whole line.
When there is plenty of capacity, no one will care about being on the Keystone.
ND SD and MT. Obama can "expedite Bakken production" with faster and more permits on federal land. At least he can promise it. A promise and speech is as good as action, isn't it?
Of course, Congress might impose Keystone approval in a law that replaces sequester or any other crisis of the week.
anon 1
Thank you, thank you, thank you.
DeleteIf you follow my posts regarding Keystone and Bakken oil, one will know that I have strong doubts Bakken oil will ever flow in the Keystone. TransCanada fought it, promising it only after Montana governor "demanded" it. Now, to get broader support, TransCanada is throwing in the Bakken angle.
I haven't said it until now, because I assumed I was the only one that didn't see Bakken oil in the Keystone. As a diluent, dilbit will already be in the pipe by the time it gets to Baker, Montana. Doesn't make sense to add Bakken oil at that point as a diluent.
Having said that, mentioning "ND, SD, and MT" in the same phrase can only suggest takeaway capacity. So many other states have so much more federal land in comparison; he might not want to mention California, but certainly Wyoming and Utah would be thrilled to have less federal obstacles.
But, I agree 100% with you. A speech is as good as action for this president. And I just don't see much, if any, Bakken oil ending up in the Keystone. Wow, I'm glad you said that, first. Seriously, thank you.
The question “Do you want your oil from Hugo Chavez or do you want it from Canada?” says it all. I would add expensive sour heavy crude from Venezuela or cheaper heavy crude from Canada? It is a no brainer as PM Stephen Harper says.
ReplyDeleteSo now Obama is saying "let me spend all the money I want and don't cut anything." Now Congress goes first and give him what he wants then maybe he will approve Keystone XL? What a fools bargain that would be.
The faux environmentalist has our government stuck on stupid.
No one will believe me, but if one can find my original posts on the Keystone, I never, never thought it would become much of a story. I had no interest in the Keystone (folks new to the site won't believe me) and I had no dog in that fight. I thought it was a non-story.
DeleteNow, there are days I am concerned I have too many stories on the Keystone. But it's not the Keystone, per se.
Rather, the Keystone has now become a metaphor for the president's entire position on the oil and gas industry. His response to the gulf spill was a bit different because of the immensity of that spill and loss of life, but the Keystone is, at the end of the day, just another pipeline.
But his liberal, faux environmental, pro-Chavez base has made the Keystone their "line in the sand." It will be really, really interesting to see how the president threads this needle, explaining to his base why he has approved the Keystone. So much could be written, and so much will be written.
And with that, I'm calling it a night.