US Oil Pipeline Explosion

Crude oil jumped $4.50 per barrel at one point during the night session on reports of an explosion at a key US pipeline in Minnesota that carries crude oil from Canada to the US Midwest. One pipeline may have been damaged, but 3 others have been temporarily closed as a precaution but are expected to reopen when the fire has been extinguished, which should occur today. As long as the 3 other pipelines quickly reopen, the impact will be rather minimal, but if all four were to stay closed for an extended period of time it would represent nearly 20% of US crude imports.
Published Thursday, November 29, 2007 6:19 AM
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