Keystone Ardor Cools Among Producers With More Options
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Now that the U.S. government has cleared the Keystone XL project of any dire environmental impact, attention is returning to why the pipeline was needed in the first place: to get more Canadian oil to U.S. refineries.
TransCanada Corp.’s Keystone promises to ease a bottleneck that’s limited how much Canadian crude can flow south. The lack of transportation has created a glut that deflated prices for producers in the country. After five years waiting for U.S. approval, though, the need for Keystone isn’t as urgent for companies such as Suncor Energy Inc., Cenovus Energy Inc. and Canadian Natural Resources Ltd.