A section of the Keystone Pipeline is leaking... 6

[ProSafPlant1]

It is usual for Enbridge to be paying the full cost of clean-up and restoration.

Large companies like Enbridge have complex risk financing programs with high self-retentions (deductibles)for the first few $million, captive or self-managed insurance funding, and more conventional insurance and re-insurance market coverages at the higher limits.

 

[1503-44]

They have been doing this anyway, but a bill has been introduced to legally empower DOE to buy low and sell high. No money printing needed. This is what got the Saudis riled up lately. It worked.

https://home.treasury.gov/news/press-releases/jy0887

https://energycommerce.house.gov/ne...and-sell-high-act-new-legislation-to-keep-gas

https://www.washingtonexaminer.com/...nvestment-for-electric-vehicle-infrastructure

Of course Republicans will not support this. It helps people, not their donors. (See comment above.)

Einstein gave the same test to students every year. When asked why he would do something like that, "Because the answers had changed."

 

[TugboatEng]

No sir, I don't like it. Government shouldn't be in the business of manipulating prices like that. Creating artificial demand when prices are low will only work to permanently drive up prices.

 

[1503-44]

Everybody manipulates prices, especially OPEC. They can certainly stand some competition.

Besides, it's not price manipulation, it promotes price stability. It's stabilising the price by removing temporary upsets that SEPEULATORS use to FLEECE CONSUMERS when they jump in to bid up the price for every opportunistic reason they can imagine. Speculators manipulate the market as well, with their buy and short selling orders and price stops. What other reason is there that causes anything to change prices so much in a matter of milliseconds. Its not supply and demand. Its some computer getting in a buy order a few milliseconds before the refineries order gets to the floor.

In any case, a few hundred million barrels are not going to change the long term price direction of yearly production variations, nor the day oil runs out or fusion power gets plugged in. If oil gets scarce, it's price will rise, more plentiful, price will decrease. Let that happen on its own. No, we don't need Speculators upping the price because some hurricane is on the way, or if some pipeline is leaking today, causing panic for a week until it gets fixed. Producers capping their wells when the price gets too low is also a form of attempted manipulation, just as the Saudis lower the price when they're all open, just not lowering it too much so as to not kill that golden goose, just keep it kicking while they strangle both the goose and the consumer.

Refineries use futures prices to eliminate uncertainty in price AND CREATE A STABLE profit margin, eliminating their risk of gasoline and diesel price variations happening while they do their refining. The consumers will know what gasoline will cost and can budget for it. Speculators use futures to profit by accepting that risk. The other way to do this is to eliminate all risk. Refineries and consumers won't have to worry about it and the speculators can speculate on other things more deserving of their attention, like tulips, Trump's action figure NFTs and Bitcoins.

Stable markets create stable societies, but there is no great opportunity to make money without working for it in the old traditional way, like exploration, drilling more wells, building pipelines and refineries, selling products so others can do the same with the stable cost of energy they need to do that. Some just prefer to be opportunistic with their money and play the shortages and chaotic price swings, which they themselves add to the chaos by bidding up prices until they collapse anyway, rather than invest it and build a stable, solid future. Who says oil prices need to be $-28 one day and $150 the next? How about we just hold $75 for awhile ... and nobody gets hurt.

Einstein gave the same test to students every year. When asked why he would do something like that, "Because the answers had changed."

 

[TugboatEng]

Speculators risk their own money. Governments risk yours. There isn't enough accountability to allow government to have so much power.

 

[1503-44]

The problem with that is, if there was accountability, who would they be accountable to? Their corporate donors, or their people?

Governments have the power. Might as well try to use it. The accountability issue can be assigned to those responsible by the voters, or by their corporate donors.

Speculators may use other people's money, their actions affect my life and I have no say whatsoever what they can do. Gov; At least I can vote.

Besides, it's just $40 billion, give or take. You want accountability, Let's talk about the defense budget.

Einstein gave the same test to students every year. When asked why he would do something like that, "Because the answers had changed."

 

[TugboatEng]

Governments have the power. Might as well try to use it.

Can you please explain what you mean by this?

 

[1503-44]

Government spending, or not, affects the economy on a daily basis.



Einstein gave the same test to students every year. When asked why he would do something like that, "Because the answers had changed."

 

[Alistair_Heaton]

https://edition.cnn.com/2023/02/10/us/keystone-pipeline-spill-investigation/index.html

Just came up in my news.

 

[dik]

13,000 barrels sounds a lot less than half a million gallons... it's how they spin it. Does anyone ask, "Are there any other welds in a similar situation?"

-----*****-----
So strange to see the singularity approaching while the entire planet is rapidly turning into a hellscape. -John Coates

-Dik

 

[TugboatEng]

Oil is historically measured in barrels or cubic meters, never gallons.

 

[dik]

sure... it sounds better if there is a leak... the general population is likely more familiar with gallons than barrels. The information is being provided for the general population.

-----*****-----
So strange to see the singularity approaching while the entire planet is rapidly turning into a hellscape. -John Coates

-Dik

 

[TugboatEng]

You assume the reporters are intelligent enough to make the conversion. The oil company works in barrels they tell the reporter barrels and the story gets reported in barrels.

 

[JohnRBaker]

So I guess the reporter didn't try to sensationalize the numbers, EH?

John R. Baker, P.E. (ret)
Irvine, CA
Siemens PLM:
UG/NX Museum:

The secret of life is not finding someone to live with
It's finding someone you can't live without

 

[1503-44]

The general public knows what a gallon of milk is. Most can't tell you how many gallons are in a barrel, or where Chicago is.

Einstein gave the same test to students every year. When asked why he would do something like that, "Because the answers had changed."

 

[TugboatEng]

That's the point. I doubt the reporter knows how many gallons are in a barrel. They simply report the numbers they are given. Oil companies work in barrels.

Or you can take a different approach. Not everything needs to be dumbed down. At least they didn't report it in their favorite metric, "Olympic swimming pools".

 

[1503-44]

BTW the pipeline has restarted at reduced pressure a few weeks ago. Pressure or flow rate were not mentioned.

Einstein gave the same test to students every year. When asked why he would do something like that, "Because the answers had changed."

 

[ProSafPlant1]

Further to my earlier comment that Trans-Canada will pay for the cleanup and like other pipeline operators has a financial risk management program to respond, from a recent Calgary Sun article:

"The spill, which prompted a nearly month-long shutdown of the critical cross-border pipeline, will cost the company an estimated US$480 million for investigation and remediation work. The company said it was working with insurers to maximize cost recoveries."

 

[zeusfaber]

At least we agree on how much oil makes a barrel (even those of us who can't remember). Same ain't true of gallons - mine's bigger than yours

 

[dik]

But, zeus... people have a better appreciation of half a million gallons, whether Imperial, or US...

-----*****-----
So strange to see the singularity approaching while the entire planet is rapidly turning into a hellscape. -John Coates

-Dik