Enbridge Pipeline Leak Slowing As Crews Still Work On Spill

Date : 09/11/2010 @ 3:58PM
Source : Dow Jones News
Stock : Enbridge Energy, L.P. Class A Common Units (EEP)
Quote : 19.34  0.77 (4.15%) @ 7:19PM

Enbridge Pipeline Leak Slowing As Crews Still Work On Spill

Enbridge (NYSE:ENB)
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The U.S. Environmental Protection Agency said Saturday that the leak from a key oil pipeline carrying crude from Canada to the U.S. appears to be slowing as its owner prepares to drill into the pipe, the Associated Press reported.

EPA on-scene coordinator Sam Borries said Saturday oil is no longer rising to the surface and crews have opened pavement and dug about 5 feet to the 34-inch diameter pipe, the AP said. He says pipeline owner Enbridge Inc. (ENB), a Canadian company that owns and operates the pipeline.,will drill through the pipe to extract more oil. The EPA has ordered Enbridge to stop all the flow of oil near Romeoville by noon Monday, the AP said.

The leak in the Chicago suburbs sent crude-oil prices higher on the prospect of extended downtime for the key artery.

Enbridge reported the leak in Romeoville, Ill., late Thursday. This is the second time in three months that oil has spilled from Enbridge's aging Lakehead system, which carries an estimated 70% of oil that flows into the U.S. from its northern neighbor. The U.S. imports more oil from Canada than any other nation and cross-border flows averaged 2.2 million barrels in June, according to the latest U.S. government data.

 
 



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