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A Canadian railroad carrying millions of barrels of oil to Gulf refineries is hurtling full steam ahead through the Obama administration's block of the Keystone pipeline.
The amount of oil Canadian Pacific Railways carries down through the heartland has surged 2,500 percent since 2009, to 8.5 million barrels per year from just 325,000. The company expects to move 45 million barrels per year within the decade.
“We are responding to a growing demand,” Ed Greenberg, a spokesman for Canadian Pacific told FoxNews.com. “There has been unprecedented growth in the energy industry.”
The Calgary-based railroad is one of two that carries oil down from Canada's tar sands, but Canadian Pacific also carries thousands of barrels per day to the Gulf from North Dakota's booming Bakken Formation oil fields.
Experts estimate shipping by rail instead of pipeline adds anywhere from $5 to $10 to the price of a barrel, not to mention the high-capacity, 24-7 flow a pipeline affords. Rep. Fred Upton, (R-Mich.), chairman of the House Energy and Commerce Committee, says the explosive growth of oil delivery by rail underscores the missed opportunity of the Keystone XL Pipeline, a Canada-to-Texas oil pipeline that became bogged down by environmental concerns and was ultimately tabled by the Obama administration and the Democrat-controlled Senate....
TransCanada is fully committed to the Keystone XL project and expects to place the pipeline in service by early 2015. In 2012, TransCanada plans to submit a new Presidential Permit application for approval of Keystone XL, the 1897-km (1179-mile) pipeline from Hardisty, Alberta to Steele City, Nebraska. TransCanada anticipates approval of the Presidential Permit application - which is required as the pipeline will cross the Canada/U.S. border - in Q1 2013, after which construction will quickly begin. TransCanada will continue to work collaboratively with the State of Nebraska on determining an alternative route for Keystone XL that avoids the Sandhills. TransCanada has been working on assessing the routing in Nebraska since November 2011, following the State Department's notice to delay a decision on a Presidential Permit until an adjusted route that avoids the Sandhills was developed. TransCanada expects that the findings of an exhaustive, three-year environmental review process already completed by the DOS will be taken into account as part of the new application process.
“Whatever people bring to us, we’re ready to haul,” Krista York-Wooley, a spokeswoman for Burlington Northern, a unit of Buffett’s Omaha, Nebraska-based Berkshire Hathaway Inc. (BRK/A), said in an interview. If Keystone XL “doesn’t happen, we’re here to haul.”