Wednesday, September 15, 2010

Enbridge (NYSE:EEP) Given Go Ahead to Reopen Pipeline

The price of crude oil dropped today on the news Enbridge Energy Partners LP (NYSE:EEP) has been given permission to restart their pipeline which transports oil from Canada to the midwestern states of the U.S.

Sometime near the end of the week the pipeline should be operational again.

In what appears to be an overreaction concerning supply issues, prices are falling as reassurance the oil will flow has emerged.

After investigation, the government said there are no "systemic problems" with the pipeline, leading to the decision to reopen it.

Approximately 6,500 barrels of oil leaked from the pipe, which has been shut since September 9.

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