Burgess COMMENTARY

Peter Burgess

U.S. Oil Giants Poised to Gain on Keystone Pipeline ... Share on facebookShare on twitterShare on emailMore Sharing Services

“I think from every aspect, it’s a good business project for us. It’s good for the U.S. from an energy security standpoint,” Odum said. “The early indications I’ve seen out of the State Department is that they see it the same way.”

Valero came out early with its intentions with the pipeline. Shell and ConocoPhillips have not been as open with their plans. Indeed, Symons said he didn’t know that the two oil companies had signaled interest.

“For some time, Valero has been communicating its intent to secure Canadian crude oil delivered to the Gulf Coast,” said Bill Klesse, chairman and CEO of Valero in a 2008 press release announcing the company’s commitment to the proposed pipeline. The project will have been winding its way through the Canadian and U.S. regulatory processes for three years by the end of 2011. “We believe our participation in the Keystone pipeline expansion is the best opportunity to carry that forward.”