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Politics : Peak Oil reality or Myth, of an out of Control System

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From: dvdw©

6/21/2013 1:49:11 PM

of 1580

For now, this remains a remarkable story....North Dakota sees record oil shipments by rail BISMARCK — The percentage of North Dakota oil shipped by pipelines has dramatically slipped in the past year as producers have turned to trains to reach faraway U.S. refineries where premium prices are fetched based on foreign crude prices. By: James MacPherson, The Associated Press BISMARCK — The percentage of North Dakota oil shipped by pipelines has dramatically slipped in the past year as producers have turned to trains to reach faraway U.S. refineries where premium prices are fetched based on foreign crude prices.

But state and industry officials believe the pendulum may be swinging back in favor of pipelines as the price differential narrows between domestic and overseas crude.

“I’ve heard the price spread has dropped over the past few weeks and the barrels have been racing to the pipes again,” Ron Ness, president of the North Dakota Petroleum Council, said in an email Thursday. “Market options are good for any producer.”

Rail shipments accounted for about three-fourths of the record 794,000 barrels of crude produced daily in April, said Justin Kringstad, director of the North Dakota Pipeline Authority. Trains accounted for only 39 percent of the North Dakota’s oil shipments for the same month a year ago, data show.

“Rail has not only been able to meet the needs of producers, it has exceeded the needs by providing that extra value to North Dakota crude oil,” Kringstad said
thedickinsonpress.com

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