- TransCanada's (NYSE:TRP) proposed Energy East pipeline won’t be the boon to eastern Canadian refineries that supporters claim because most of its oil would be bound for export markets, environmental groups argue in a new report.
- The $12B project likely would use the lion’s share of its 1.1M bbl/day capacity to send unrefined oil sands crude to markets such as India, Europe and possibly the U.S., according to the report.
- Supporters say Energy East will help ailing refineries in the East - reliant on high-cost crude from abroad - by connecting them with a stable, low-cost supply from western Canada; TRP has said the project’s economic benefits would be massive and has described it as a nation builder on a level with the Canadian Pacific Railway.