There are concerns about the supply of oil to Canada after Michigan’s governor ordered the shut down of a critical pipeline by next week.
Gov. Gretchen Whitmer is ordering the shutdown of Enbridge's cross-border Line 5 pipeline, which transports crude and natural gas liquids from Alberta through Michigan and the Straits of Mackinac to central Canada.
“You just can’t take 540,000 barrels per day out of the market and not have bad things happen, ultimately, to consumers and pet-chems (petrochemical plants) and refineries. It’s just a very bad outcome,” said Al Monaco, the CEO of Enbridge Inc. said on a conference call Friday.
Michigan believes the pipeline is an environmental disaster waiting to happen, but as Jackson Proskow explains, the shutdown could spark an economic crisis.
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