Reuters Africa reports that a leading Republican Senator on Wednesday called for the White House to approve the Keystone pipeline that would transport crude from Canadian oil sands to the Gulf coast.
Articles Tagged "canadian oil sands"
Reuters reports that a group of U.S. Senators raised questions about a proposed $7 billion pipeline to bring oil from Canadian oil sands. The market news is quoted as saying: The lawmakers, 10 Democrats and one independent, said the State Department needs to answer several key questions before deciding whether to approve TransCanada’s (TRP.TO) application [...]
Prices of light, sweet crude on the New York Mercantile Exchange are currently trading at half their peak hit in July last year. This has led some producers to postpone oil sands projects as they are capital-intensive and need crude futures above a certain threshold to be viable. US oil demand is also in the doldrums due to the global economic downturn, making it harder for producers to justify investments in new crude oil production. However, PetroChina has gone ahead with its investment in Canadian oil sands.