Heavy bitumen in oil sands is not flammable, but facilities and people inside are at risk. Travis Fairweather, Alberta wildfire information officer, said forest fires are measured by “head fire intensity,” Reuters reported.
The decision prompted immediate outcry from critics, who called on Canadian Prime Minister Justin Trudeau to block the twinning of the existing pipeline, which carries oil from Alberta to a port in Metro Vancouver.
Hedge funds such as David Tepper's Appaloosa Management and Daniel Loeb's Third Point showed bullish moves toward the sector, while Warren Buffett's Berkshire Hathaway also appeared sanguine on the sector.
Spill occurred at edge of national marine sanctuary and state-designated underwater preserve teeming with whales, dolphins, sea lions, about 60 species of sea birds and over 500 species of fish, Reuters reported.
Constitution said in a statement it has filed a lawsuit in the U.S. Court of Appeals fighting last month's ruling by the New York State Department of Environmental Conservation that denied the project a water permit in the state.
Additive at center of the case, methyl tertiary butyl ether, or MTBE, is an oxygen-containing substance added to gasoline to promote more complete combustion and reduce air pollution, Reuters reported.
Williams said in a statement that Energy Transfer Equity has used "delay and obstruction" to try and wriggle out of its agreement but Energy Transfer responded on May 15 by saying the lawsuit was an attempt to gain leverage in any future deal talks.
At an average export rate of 404 Mbbl/d over 2014 and 2015, 280 MMbbl of U.S. light crude and condensate were kept out of storage caverns or tanks. Instead, those barrels were sent to the global market.