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Will Friday's vote on the US Canada oil pipeline affect oil prices

American 2.5 automatic experiment: all experimental processes can be completed automatically; Republicans discuss whether Friday's vote on the US Canada oil pipeline will affect oil prices

November 14, 2014

[China paint information] the U.S. Congress is about to hold a preliminary vote on the construction of XL section of keystone oil pipeline between the United States and Canada on Friday (November 14). If passed, it will mean that refineries along the Gulf of Mexico will get more crude oil supply

earlier on Thursday, Mitch McConnell, the Republican leader of the majority in the US Senate, said that it was "immeasurable" to promote the Congress to vote on the US Canada keystone oil pipeline, which has a very high support rate in Congress. The current 45 members of the Senate Republican Party are the co sponsors of the keystone of the US Canada oil pipeline, hoping to obtain 60 votes, which is worth watching

Senator Hoeven further said that if 60 people vote for the approval of the keystone oil pipeline between the United States and Canada, once the new Senate is established in 2015, it will get enough support for this; If President Barack Obama vetoes the keystone pipeline, the Senate will vote again

after winning re-election, John Boehner, the majority Republican speaker of the U.S. House of Representatives, said that the House vote on the keystone oil pipeline between the United States and Canada on Friday would reduce energy costs and create more jobs for the United States. He hoped that the Senate would also subsequently approve the proposal to lay the keystone oil pipeline

data released by the U.S. energy information administration earlier on Thursday showed that consumption has increased rapidly in recent years. Although the crude oil inventory in the United States unexpectedly decreased by 1.735 million barrels last week (the week of November 8), the crude oil inventory in Cushing region (the delivery place of NYMEX crude oil futures in the United States) increased by 1.7 million barrels in the same period, further dragging down the already declining December crude oil futures price of NYMEX in the United States, which closed down $3 (4%) on Thursday, At one time, host 1 must be grounded at the integer psychological level of $74.00/barrel (4), a four-year low

under the condition that the crude oil market is already in sufficient supply, if the US Congress approves the construction proposal of the US Canada keystone oil pipeline, it is bound to put more pressure on the US crude oil market

what is the US Canada keystone XL oil pipeline

the keystone XL designed by TransCanada has a total length of nearly 2700 kilometers. It is a transnational oil pipeline that directly connects the upstream and downstream. The purpose is to directly transport crude oil produced in Alberta, an important oil sands production town in Canada, to the Gulf of Mexico, an oil refining base in the United States

in March 2010, keystone XL successfully obtained the construction permit from Canada, but the approval from the United States was subject to twists and turns. In January 2012, Obama rejected keystone XL, which had been suffering for 44 months in the review. The frustrated TransCanada decided to change its strategy. On February 27, it issued a statement saying that the company had decided to split keystone XL into two and first sought to quickly start the construction of the southern section of the project. The southern section of the pipeline starts from Cushing, an important oil transit station in Oklahoma, and goes all the way south to the Gulf of Mexico

this section of the project (in the United States) does not involve transnational construction and does not need the approval of the U.S. State Department. More importantly, the completion of this pipeline will greatly alleviate the problem of poor crude oil transportation in the Midwest of the United States. Cushing is the delivery place of crude oil futures on the New York Stock Exchange of the United States, and it is also a very important oil transfer station in the central region of the United States. Most of the crude oil supply of the Gulf of Mexico refinery needs to be transferred here. In recent years, the domestic oil production in the United States has continued to increase, putting great pressure on Cushing's Limited transit capacity

however, the north section of keystone XL project (Alberta Cushing) failed to pass the approval of the United States. First, in the November 2012 U.S. presidential election, the Republican Party repeatedly took this as an example to criticize Obama for killing a high-quality project to ensure the security of U.S. energy supply and boost employment, and tried to link keystone XL with the current high gasoline prices in the United States. This led to Obama's early rejection of keystone XL in January 2013, on the grounds that it was difficult to complete the project evaluation within the time limit given by the house of Representatives. The White House also explained this to Canadian Prime Minister Harper, saying that the rejection of keystone XL had nothing to do with the project itself, and was entirely forced by the social inventory of products accumulated by Republican pressure during the market downturn, "had to do it."

in fact, Canada has planned to build a pipeline from Alberta's oil sands to the Pacific (601099, Guba) coast in order to transport fuel to the Asian market faster. TransCanada can't stand the increasing costs caused by repeated delays in the project. What's more, the pipeline evaluation report released by the U.S. State Department in January 2012 mentioned that at present, the transnational pipeline transportation capacity of the United States and Canada is surplus, but the domestic pipeline transportation capacity of the United States is insufficient. After the completion of the southern section of the pipeline, the problem of insufficient crude oil supply of the mowan refinery will be solved

therefore, the construction of the north section of the project lacks momentum for the White House to promote

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