From The Oklahoman ~ Supporters of the Keystone XL pipeline have long touted its job creation potential, but the man responsible for shepherding the development of the $7 billion pipeline project says it could have an even bigger impact on the region’s oil producers.
The first phase of the Keystone pipeline project, which extends from Canada to Illinois, was put into service in June 2010.
Keystone Pipelines Vice President Robert Jones estimated the new pipeline connecting the Cushing storage hub with refining centers on the Gulf Coast could increase the price of locally produced oil by about $10 a barrel.
Mike Cantrell, president of Domestic Energy Producers Alliance, said there is no way to know how the Keystone XL pipeline would affect oil prices at Cushing, but he maintains the project is a vital one.
“America needs this pipeline. We need it in the short run to alleviate the glut of oil piling up at Cushing,” Cantrell said. “We need it in the long run because Canada is a reliable and secure source of oil for decades to come.
“This pipeline makes the transfer of that oil more efficient, which means more affordable energy for Americans.”
Read more: http://newsok.com/keystone-xl-expected-to-boost-oil-prices-at-cushing/article/3639841#ixzz1jKapP2Cl.
