% | $
Quotes you view appear here for quick access.

Exxon Mobil Corporation Message Board

  • bluecheese4u bluecheese4u May 25, 2013 1:35 AM Flag

    Crude landlocked as Canadians join U.S. to halt pipelines

    Crude landlocked as Canadians join U.S. to halt pipelines

    Posted on May 24, 2013 at 6:55 am by Bloomberg

    British Columbia, the Canadian province whose official slogan to its own beauty is “Super, Natural,” is invoking another saying: “No more supertankers.”

    That’s potentially big trouble in a nation where oil exports amount to $73 billion annually and the industry employs more than 550,000 workers. It’s also a bad omen for nations, notably China, that have invested billions in Canadian oil projects with expectations that they will one day be able to buy vast quantities of heavy Canadian crude.

    To do that means not just pumping it from the vast tar sands — thought to hold as many as 170 billion barrels — lying mainly to the east in the neighboring province of Alberta. It also means building pipelines to carry that heavy oil, known as bitumen, west to the coast. From there, fleets of supertankers will be needed to ship it across the Pacific to Asian markets that desperately want cheap oil.

    Two such projects, representing about C$11.4 billion ($11.1 billion) in investments, are on the drawing boards. British Columbia, with its mountainous forests, national parks and salmon streams standing between the crude and the sea, wants no part of those pipelines — nor does it want its scenic bays to be turned into supertanker terminals.

    In Vancouver, with a metro-area population of 2.5 million, the evergreen-rimmed, blue sprawl of English Bay laps up to the city center and is already a port for supertankers taking crude from an existing pipeline known as the Trans Mountain conduit. Sean Austin offered an opinion sounded often there — that enough is enough. “English Bay shouldn’t become a parking lot for supertankers,” Austin, a 41-year-old construction worker, said in an interview as the sun set over a seawall behind him.

    Chinese Caught Out?

    An end to the


79.26-0.19(-0.24%)Jul 27 4:00 PMEDT