Nearly 1,200 pages of records, filed with state regulators by Plains All American Pipeline, detail a range of defenses the company established to guard against crude oil spills and, at the same time, prepare for the worst should a spill occur.
The rally in St. Paul came one day after Minnesota regulators endorsed the $2.6 billion Sandpiper pipeline that would carry crude oil from North Dakota’s Bakken oil fields to Superior, Wisconsin, according to the Star Tribune.
That lawsuit filed by the Independent Petroleum Association of America and Western Energy Alliance against Interior Secretary Sally Jewell and others is now the lead case. The state of Wyoming along with Colorado and North Dakota filed the other lawsuit.
The Organization of Petroleum Exporting Countries set its Saudi-conceived strategy of defending market share rather than prices in November. Since then, it has pumped ever more crude into global markets.
OPEC seems to have reached technical problems pushing its oil production beyond what appears to be a natural ceiling, as its crude exports fell an average 850,000 barrels in May despite a surge of Saudi oil.
The incident comes as state-controlled Ecopetrol SA shifts its exploration focus to fields off the Caribbean coast following onshore drilling failures that have contributed to stagnating output after several years of growth. Ecopetrol’s strategy will be to partner with offshore experts, Vice President Max Torres said in a May 26 conference call.
Contacts in the U.S. petroleum business told the Fed the cost of drilling and bringing wells into production have dropped 20 to 30 percent since the beginning of the year, according to the Fed’s June Beige Book, a monthly assessment of economic activity in 12 regional districts across the United States.
In June 2012, when Lance spoke at the last biennial seminar held by the Organization of Petroleum Exporting Countries, the U.S. was pumping 6.2 million barrels a day. Now, it produces 9.5 million barrels at day, the highest since 1972.
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