Seaway Crude Oil Pipeline Opens
The Seaway crude oil pipeline has started flowing, accepting Canadian crude oil at the Cushing, OK. storage hub — the benchmark for WTI Crude Oil pricing. From there, it gets sent to refineries in the US Gulf of Mexico coast.
Enterprise Products Partners (EPD) and Enbridge (ENB) are each 50% partners in the venture, which has a current capacity of 150,000 barrels/day, with plans to expand it to 400,000 barrels/day by early 2013.
The pipeline is directly connected to Alberta’s Athabasca Oil Sands, and will be a great boost for Canadian crude oil producers, as their oil now has cheaper and easier access to the world market. The opening of the Seaway crude oil pipeline will help increase worldwide supply and help bring crude oil prices slightly.
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