Cheap Canadian oil will soon have a new set of buyers. Canadian oil companies will soon have the option to ship crude through a long-delayed, 715-mile pipeline expansion to the Pacific Ocean. Americans guzzled Canadian oil even as U.S. crude output ballooned in recent years, turning Canada into an export juggernaut. Companies across much of the U.S., including some owned by Canadian companies, have responded by adding capacity or honing operations to turn Canadian crude into fuel, chemicals or asphalt. “The Midwest is held captive by Canadian crude oil," said Martin King, an analyst at RBN Energy.

Source: Wall Street Journal January 31, 2024 16:59 UTC