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Canada needs BC oil terminal

Published by Steve Coleman on February 10, 2012

The International Energy Agency says Canada needs to have a West Coast shipping point for Alberta oil by the middle of this decade if it doesn't want to be forced into losing money shipping cut-rate crude to refineries in the US Midwest and Rockies.

The loss of the Keystone XL pipeline proposal carrying bitumen from Alberta to Gulf Coast refineries in January could cost oil companies $8 a barrel, a Wood Mackenzie Consultants Ltd. look at the ramifications of the project's cancellation in January.

The switch to alternative delivery methods could also hurt Canada's oil industry, a Bloomberg News report says.



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