December 14, 2022 – Wall Street Journal
U.S. Oil Prices Under Pressure From Keystone Pipeline’s Largest-Ever Leak
By Benoît Morenne and Vipal Monga
A weeklong shutdown of the Keystone oil pipeline is squeezing Gulf Coast refiners, who now have to replace hundreds of thousands of barrels that are no longer flowing through the system…
Read the full article here: https://www.wsj.com/articles/u-s-oil-prices-under-pressure-from-keystone-pipelines-largest-ever-leak-11671051020
…With the Keystone shutdown, there are few options for Canadian exporters to get their oil to the U.S., said Mr. White, as alternate pipelines are full. The U.S. imported about 3.4 million barrels a day of Canadian crude the week ended Dec. 2, according to the EIA. Canada exports most of its oil through four major pipelines, including Keystone.
Fuel-making companies can import more heavy crude from Mexico, Brazil and Colombia, or from the Middle East, said John Auers, a refining-industry analyst at RBN Energy. They can also ship Canadian oil via rail, which is more expensive than piping it south.
Analysts said they don’t expect the shutdown of Keystone to hinder the delivery of diesel from Gulf Coast refineries to the Northeast or that it would translate into higher fuel prices for consumers.
