The industry is spending billions of dollars to develop more pipelines to supply the U.S. with oil.
Stoked by profits from $70 to $80 a barrel oil, the titans of the fossil fuel industry are investing towering sums to develop, transport and refine tar sands oil from Canada. The industry is spending $15 billion annually to triple oil production in northern Alberta, Canada, $31 billion to construct a massive new pipeline network to ship tar sands oil to the United States, its largest market, and at least $20 billion to retrofit and expand American refineries in the Great Lakes states, the Midwest, Great Plains and Gulf Coast to process it into transportation fuels. The U.S. Environmental Protection Agency on July 16 intervened in the State Department’s evaluation of a permit to build the $7 billion Keystone pipeline, the latest of three big tar sands oil pipelines from Alberta to the United States.
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