Trump Lets Keystone Line Ship More Oil With Expansion Stalled

Commodities & Futures
© Reuters.  Trump Lets Keystone Line Ship More Oil With Expansion Stalled © Reuters. Trump Lets Keystone Line Ship More Oil With Expansion Stalled

(Bloomberg) — The Trump administration will allow the existing Keystone pipeline to carry more oil-sands into the Midwest and U.S. Gulf Coast while the conduit’s decade-old expansion project faces renewed legal hurdles.

A White House permit issued Wednesday raises the cross-border shipping limit for the TC Energy (NYSE:) Corp. line to 760,000 barrels a day, from 590,000 under a previous presidential permit, company spokesman Terry Cunha said in an email. The White House decision came after President Donald Trump’s earlier approval of TC Energy’s proposed Keystone XL expansion project was hampered by a federal court decision that blocked most construction.

“This is excellent news for Canada’s energy sector, and hard-working people and families on both sides of the border who benefit from continued North American energy security and interdependence,” said Sonya Savage, energy minister of Alberta, home to the Canadian oil sands.

Canadian oil producers have faced a persistent shortage of export pipelines as several projects have been delayed for years by courts and local environmental opposition.

©2020 Bloomberg L.P.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Let’s block ads! (Why?)

Commodities & Futures News

Leave a Reply

Your email address will not be published. Required fields are marked *