Pipeline Transport Wins Praise from Unlikely Source
Rigzone’s downstream readers paid close attention to the ongoing Colonial Pipeline story last week. Find out which two Colonial articles received the most pageviews, along with a third article that proved popular as well.
The Biden administration has taken certain steps since January 20 that have generated criticism from the oil and gas community. One of President Biden’s highest-profile actions was to revoke a critical permit for TC Energy's (NYSE: TRP) Keystone XL oil pipeline project. However, last week a high-ranking Biden administration official – U.S. Secretary of Energy Jennifer Granholm – acknowledged the value of pipelines. During a White House press conference regarding the Colonial Pipeline outage, Granholm pointed out that “‘the pipe is the best way to go’” for supplying the Southeast with fuel. She made the comment in the context of the U.S. Department of Transportation’s efforts to facilitate fuel deliveries via other transport modes.
The Colonial Pipeline is the United States’ largest fuel pipeline, carrying much of the East Coast’s gasoline, diesel, and jet fuel from Gulf Coast refineries. After a ransomware attack prompted a shutdown of the vital artery, motorists throughout the Southeast and Mid-Atlantic regions scrambled to fill their vehicles’ fuel tanks. The panic resulted in long lines at fuel retail outlets and dwindling supplies in the retailers’ storage tanks.
Strong economic data from the United States and China and increasing vaccination rates influenced Fitch Solutions Country Risk & Industry Research analysts to upgrade projected average Brent oil price outlook. The analysts now foresee a 3.1% higher overall Brent price for 2021 than they did two months ago. They also laid out scenarios that would likely prompt them to raise – or lower – future Brent projections.
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