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The video claimed that the pipeline has been shut down. Other sources claim that it's only in imminent danger of doing so. Stay tuned..
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The San Pablo Bay Pipeline is at risk of shutting down soon due to financial distress and a lack of state approval for a rate increase, but it has not officially closed yet. The owner is seeking urgent regulatory action to avoid this situation.
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Current Status of the San Pablo Bay Pipeline Potential Shutdown
The San Pablo Bay Pipeline, which transports crude oil from the Bakersfield area to Bay Area refineries, is at risk of shutting down. The owner, CorEnergy Infrastructure Trust, has warned that without immediate regulatory action, the pipeline may close within months. This situation arises from significant financial losses, estimated at $2 million per month, due to reduced oil production and competition from other pipelines.
Regulatory Actions CorEnergy has requested a rate increase from the California Public Utilities Commission (CPUC) to alleviate financial pressures. They are seeking a 37% increase in fees charged to crude shippers. However, the regulatory process can take a long time, and the company has asked for emergency measures to expedite the decision.
Implications of a Shutdown
If the pipeline were to shut down, it would severely impact Bay Area refineries, potentially forcing them to rely more on imported oil. This could lead to increased fuel prices and logistical challenges in transporting crude oil.
As of now, the pipeline has not officially shut down, but its future remains uncertain pending regulatory decisions.
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