A potential win for American drivers.
That’s how some experts are looking at the now final approval from the Trump Administration for the long-planned Keystone XL Pipeline.
“This is going to put a lot of pressure on OPEC just because the United States will be getting not necessarily more supply from Canada–but certainly more inter-connectedness between the two” Gasbuddy dot-com’s Patrick DeHaan told KTSA News following the announcement from the White House.
“Many refineries in the U.S. Midwest already run Canadian crude oil because of that low price advantage–and now, it will eventually allow refineries in the Gulf Coast and Southern United States to gain access to this relatively cheap crude oil as well” DeHaan said.
In the short-run though, DeHaan said you shouldn’t expect too much movement in prices at gas pumps as a result of the go-ahead for the pipeline.
“Gas prices probably are going to be very little changed–but, over the long run… there’s the possibility this could actually put downward pressure on gas prices to a degree” DeHaan said, noting it will take some time for the pipeline to be completely put together.
“We’re still looking at this total completion probably being a couple of years off yet” DeHaan said.