Canadian Oil Busy with Wanting More ($ENB)
As you all know, we are primarily focused on the North American oil industry. We don’t often get to report on Canadian oil companies, so when the opportunity presents itself, we jump on it! Looks like we have a promising Canadian oil company that is working hard. Aimee Duffy gives us the details about this stock.
Enbridge (NYSE: ENB )
The Canadian midstream company announced plans for numerous expansions across its system last week, including its Line 6B pipeline that connects Indiana to Ontario. If the project goes through, Enbridge will more than double Line 6B’s capacity from 230,000 barrels per day to 500,000 bpd.
This particular pipeline spilled 800,000 gallons of crude in southwestern Michigan during the summer of 2010. The accident polluted the Kalamazoo River, and though most of the oil has been cleaned up, the process has not yet been completed. The National Transportation Safety Board is in the final stages of wrapping up its two-year investigation of the incident.
The NTSB report itself doesn’t have the power to stop Enbridge’s plan to replace the 286-mile line. That said, the agency has already begun to release findings that may influence the Michigan Public Service Commission, which does have the power to stop the project. The MPSC has a hearing on the matter scheduled for June 6.
Seems that this stock could be quite influential in the stock market in America as well. It is always great to see a Canadian stock ready to sore to new heights. We are definitely ready to see where this one goes!
Quotes taken from report by Aimee Duffy, Read the entire article here.
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