10 months, 3 weeks ago
The U.S. Is Spoiled by Cheap Canadian Oil. That’s About to Change
Live MintDrivers in the Midwest may soon have to pay a bit more at the pump. Americans guzzled Canadian oil even as U.S. crude output ballooned in recent years, turning Canada into an export juggernaut. The project cleared its last major regulatory hurdle in mid-January, and workers are laying the final stretch of pipe that will carry Canadian crude from Alberta’s oil sands to the Pacific. “The Midwest is held captive by Canadian crude oil," said Martin King, an analyst at RBN Energy. Until those companies’ production levels outstrip Trans Mountains’ expanded capacity, “they’re going to have the leverage," said Jacques Rousseau, an analyst at ClearView Energy Partners.
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