Keystone XL cancellation to lead to more oil by rail through Oklahoma?

 

President Biden’s cancellation of the Keystone XL pipeline could result in increased railway traffic carrying crude from Canada south through the U.S. and maybe Oklahoma and eventually to the Gulf Coast refineries.

Canadian railway executives certainly believe there will be increased shipments of crude oil by rail. The head of Canadian Pacific Railway certainly thinks so.

“”We do think that the (Biden) administration actions, executive order, the pipeline, that bodes for more strength and more potential demand for crude,” CEO Keith Creel told a conference call last week reported S&P Global.

Others believe Biden’s move will only help billionaire investor Warren Buffett who owns Burlington Northern Santa Fe railway which carries oil through Oklahoma.

Click here for the S&P Global story.