Enbridge pipeline explosion prompts oil price jump

Enbridge pipeline explosion prompts oil price jump

www.cbc.ca

Enbridge confirmed that two employees repairing the pipeline were killed in the blast, which happened just under five kilometres southeast of its Enbridge Energy Partners' terminal in Clearbrook, Minn. The blast happened at 3:45 p.m. CT Wednesday.

In reaction, the price of oil surged more than $4 US per barrel overnight before slipping back. At 7:43 a.m. ET, the January contract for light, sweet crude was trading at $93.22 US a barrel on the New York Mercantile Exchange, up $2.87 US from Wed.

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ca.today.reuters.com

It looks like the explosion has caused the shut down of pipelines that provide 15% of the US imports of oil. I wonder if oil will close at $100 barrel this week? I think it will.

On a side note, Enbridge is building a pipeline through the middle of my city that is scheduled to open the middle of next year. Yay for me.

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