Despite the high oil prices there is a massive glut of oil in Cushing, Oklahoma, the designated delivery point for Nymex crude oil futures, with CNBC's Scott Cohn, and Brian Johnson, Enbridge Energy, Cushing Region Dir. & GM - Airtime: 28 February 2011
...photos taken in Cushing today:
Flickriver - Cushing, Oklahoma
I spoke with a Deeprock Energy (Tulsa-based) employee and he was very excited about the new joint venture between Deeprock and Kinder Morgan. Deeprock has four tanks that hold 250,000 barrels each and are building three more of the same size.
Kinder Morgan Announces Crude Oil Storage Acquisition and Joint Venture
Last edited by cameron_405; 03-06-2011 at 01:05 AM. Reason: (updated URL)
I here ConocoPhillips is not interested in reversing the Seaway pipeline. So we have oil flowing into Cushing from the gulf, but we need the excess oil to flow towards the gulf where all the refineries are. That's what I read in an article explaining why there is such a big difference between the WTI and Brent.
...12½ minute video:
Keystone Pipeline Project
The U.S. $12 billion Keystone pipeline system will play an important role in linking a secure and growing supply of Canadian crude oil with the largest refining markets in the United States, significantly improving North American security supply.
On June 30, 2010, TransCanada commenced commercial operation of the first phase of the Keystone Pipeline System. Keystone's first phase was highlighted by the conversion of natural gas pipeline to crude oil pipeline and construction of an innovative bullet line that brings the crude oil non-stop from Canada to market hubs in the U.S. Midwest.
Keystone Cushing (Phase II) is an extension of the Keystone Pipeline from Steele City, Nebraska to Cushing, Oklahoma. The 36-inch pipeline is currently under construction and will connect to storage and distribution facilities at Cushing, a major crude oil marketing/refining and pipeline hub.
The proposed Keystone Gulf Coast Expansion Project is an approximate 2,673-kilometre (1,661-mile), 36-inch crude oil pipeline that would begin at Hardisty, Alberta and extend southeast through Saskatchewan, Montana, South Dakota and Nebraska. It would incorporate a portion of the Keystone Pipeline (Phase II) through Nebraska and Kansas to serve markets at Cushing, Oklahoma before continuing through Oklahoma to a delivery point near existing terminals in Nederland, Texas to serve the Port Arthur, Texas marketplace.
Streetwise Professor - Commodities, Derivatives, Economics, Energy
...the spread between Gulf Coast oil prices (such as Louisiana Light Sweet) and West Texas Intermediate (at Cushing, OK) remains wide. The March LLS-WTI spread is $14.42/bbl, and is above $10/bbl through October, 2011. The key to restoring spreads to more typical levels is breaking the logistical bottleneck south of Cushing, thereby permitting Canadian oil that is weighing on prices in the Midcontinent to flow to the Gulf. The extension of the Keystone pipeline will help do that, but not for a couple of years. Another way to ease the logjam is to reverse the Seaway Pipeline, now flowing from the Gulf to Cushing, to carry crude in the opposite direction...
FACTBOX-Energy issues facing the White House - Wednesday - 30 March 2011
"...Keystone Oil Sands Pipeline -- On the one hand a pipeline to bring crude from Canada's oil sands could go a long way in making America's energy future more secure. Canada is one of the top U.S. allies and the proposed $7 billion Keystone XL line that would bring oil from Alberta to Texas refineries could help cut reliance on the Middle East. But crude from the oil sands takes more energy to produce, resulting in more emissions than average petroleum used in the United States. U.S. farmers have also complained the pipeline's expected route goes over a fragile aquifer. This month the State Department ordered an additional environmental review and said that it expected to make a final decision on a permit by the end of the year. TransCanada Corp , which hopes to build and operate the line, hopes the line will be in service in 2013..."
Oklahoma producers seek probe of Cushing oil supply - 31 March 2011
Misguided Call for Oklahoma Oil Regulator Market Intervention - 01 April 2011"...Oklahoma oil producers want the Corporation Commission to investigate the amount of crude oil stored at the Cushing oil terminal and its impact on Oklahoma oil prices..."
"...the Oklahoma Corporation Commission should let free market forces work rather than intervene as requested Thursday by Domestic Energy Producers Alliance and Oklahoma Independent Producers Association..."
Morgan Stanley Celebrates the Launch of its First Exchange Traded Note (ETN) Launched by Institutional Equities at the New York Stock Exchange - 30 March 2011
...Morgan Stanley Cushing ® MLP High Income Index ETN (NYSE Arca: MLPY) is the first ETN launched by Institutional Equities, and is the first in the expected launches of other ETN products by Institutional Equities that will be benchmarked to various indices. The Morgan Stanley Cushing® MLP High Income Index ETN tracks the performance of the Cushing® MLP High Income Index...
TransCanada says NY Times attack on pipeline unfair - 04 April 2011
"...we think it's very unfortunate that the New York Times, with the credibility that publication has, did not offer a fair and balanced editorial opinion on the project unlike what other outlets in the U.S. have done recently,' said James Millar, a spokesman for the company..."
Oklahoma City Mayor Mick Cornett endorses pipeline project - 09 April 2011
"...'we believe America can increase energy security and stimulate economic growth by securing access to stable sources of petroleum in North America,' the mayors wrote in a letter dated Wednesday. 'Reliance on unfriendly and unpredictable sources of oil drains the economic resources of our most vulnerable constituents, and diminishes the ability of local governments to provide them with essential services...'"
Point: Fighting ‘authoritarian oil oligarchs’
Counterpoint: ‘Good for Oklahoma’
Environmentalists and supporters of the controversial TransCanada Keystone XL pipeline project took turns at a public forum.
I hope that The Historic Hudson Oil Company Refinery is still available for public viewing from the highway.
It's juxtapostion nearly across the road from The Pipeline Shrine was awe inspiring.
Maybe not as inspiring as The Former Marland/Conoco Mansion/Refinery in Ponca City.
But inspiring, nonetheless.
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