Fate of Dakota Access pipeline at stake at Friday court hearing By Reuters – Investing.com

SourceInvesting.com
SectorOil & Gas
CountryGulf

© Reuters. FILE PHOTO: Law enforcement officers advance into the main opposition camp against the Dakota Access oil pipeline near Cannon Ball By Laila Kearney and Devika Krishna Kumar NEW YORK (Reuters) - The fate of the Dakota Access pipeline could be decided at a U.S. court hearing Friday, where federal regulators could set in motion a months-long shutdown of the line while the Biden Administration completes an environmental review. The market has been increasingly worried about a possible shutdown as the White House aims to reduce the nation's reliance on fossil fuels and address concerns of minority communities harmed by carbon emissions.

Biden's administration has restricted oil-and-gas leasing on federal lands and cancelled permits for the proposed Canada-to-U.S. Keystone XL line and a U.S. Virgin Islands refinery expansion. Energy Transfer (NYSE:)'s Dakota Access Pipeline (DAPL) ships up to 570,000 barrels of North Dakota's crude production to the U.S. Midwest and Gulf Coast. It has been in...read more...