Energy
Could US lose access to Keystone oil? Canada moves to Plan B
With the Canada-to-Texas Keystone XL pipeline stuck in limbo on the U.S. side, Canada’s Energy Board recently gave a thumbs up to a $6.5 billion pipeline designed to carry 525,000 barrels of oil per day from the oil sands of Alberta to ships on the British Columbia coast. The final destination is most likely Asia.
The development has the U.S. oil industry attacking the Obama administration over its drawn-out process.
“It’s taken longer to approve the Keystone XL pipeline than it did to win World War II, longer than it took us to put a man in space, and almost as long as it took to build the Trans-Continental railroad 155 years ago,” said Jack Gerard, president of the American Petroleum Institute.
Oil is Canada’s most valuable export commodity, and analysts predict a nearly tripling of production in Alberta by 2013. Many say that with a pro-oil prime minister in Stephen Harper, the country seems determined to get that oil to market, whether it’s with the U.S. or not.
Dan Springer joined Fox News Channel (FNC) in August 2001 as a Seattle-based correspondent.
