Saturday, March 04, 2006

"Canadian oil sloshes in"

Austin Bay points to this Houston Chronicle article:

Rather than moving north from the Gulf, crude is coming south from Alberta's sands

While oil flowing through an underground pipeline may seem mundane, the $190 million Spearhead project has special significance.

That's because Enbridge reversed the flow of the Spearhead pipeline, which is also something of a reversal of fortunes.

For years the pipe, which used to be owned by BP, carried Gulf of Mexico crude to northern markets that needed the oil. But as the Gulf slowly but surely plays out, and Canada's oil sands production picks up steam, the crude is flowing in a different direction.

It's a sign of the times. Canada, which is already the biggest exporter of oil to the U.S., outranking Mexico, Venezuela and Saudi Arabia, will likely double its oil production in the next decade, thanks to production from the oil sands.

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"With the exception of Saudi Arabia and the Russians — if they get their act together — we're the only one to grow when everyone else is flat or declining," he said."
Rest here

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