There's still significant overcapacity of pipelines from the oil sands to refineries in the U.S. I think that oil sands production could grow another 30% without any new capacity added. The whole business case of Keystone XL was in covering the Brent/WTI spread. This was not an issue of not being able to sell our oil to the U.S. It was about getting as much money possible for our oil.
And low and behold the real reasons for the pipeline are still coming to fruition with both Transcanada and Enbridge engaging in projects that will link Cushing to the gulf.
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