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TransCanada says XL line could end Cushing's woes

Thu, 07/07/2011 - 4:26pm
Reuters

CALGARY, Alberta (Reuters) - If allowed to proceed, TransCanada Corp's $7 billion Keystone XL pipeline could bring an end to the crude oil bottleneck in the U.S. Midwest that is now depressing North American oil prices, TransCanada Chief Executive Russ Girling said on Thursday.

Girling said the Cushing, Oklahoma-to-Texas portion of the proposed oil pipeline will have enough space to drain off much of the glut of crude at the Cushing storage hub that is keeping benchmark West Texas Intermediate crude prices well below Europe's Brent benchmark.

That spread was nearly $20 per barrel on Thursday.

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