Pipeline Transport wins accolades from unlikely source | Rigzone
Readers downstream from Rigzone paid close attention to the ongoing story of Colonial Pipeline last week. Find out which two Colonial articles received the most pageviews, as well as a third article that also proved popular.
Biden admin official says pipeline is best option
The Biden administration has taken some action since January 20 that has drawn criticism from the oil and gas community. One of President Biden’s most high-profile actions was to revoke a critical permit for TC Energy’s Keystone XL pipeline project (NYSE: TRP). However, last week a senior official in the Biden administration – US Secretary of Energy Jennifer Granholm – recognized the value of pipelines. During a White House press conference regarding the colonial pipeline failure, Granholm stressed that “the pipe is the best way to go” to supply the southeast with fuel. She made the comment in the context of the U.S. Department of Transportation’s efforts to facilitate fuel deliveries via other modes of transportation.
East Coast faces threat of fuel shortage
The Colonial Pipeline is the largest fuel pipeline in the United States, transporting much of the gasoline, diesel and jet fuel from the east coast to refineries on the Gulf Coast. After a ransomware attack shut down the vital artery, motorists in the Southeastern and Mid-Atlantic regions rushed to fill their vehicles’ fuel tanks. The panic resulted in long queues at fuel outlets and reduced inventory in retailer storage tanks.
Analysts increase oil price forecast for 2021
Strong economic data from the United States and China and rising vaccination rates have prompted analysts at Fitch Solutions Country Risk & Industry Research to revise the average Brent oil price forecast upward. Analysts are now forecasting an overall Brent price 3.1% higher for 2021 than two months ago. They also presented scenarios that would likely prompt them to increase – or decrease – future Brent projections.
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