RE:Will they get that court order to shut down Line 5?Great find 1hot
If you own ENB shares and have any concern whatsoever about a Line 5 closure, the 8 minute interview of ENB's Vern Yu is pretty much a "must watch".
Vern Yu clearly outlines how Gov Whitmer has no jurisdiction over the matter and has no clear pathway to get there.
Yu talks about the Canada USA Pipeline Transit Treat (from 1977 I believe) remains in place.
Yu also talks about the Pipeline Safety Act from the 1960's which was put in place in the States as a method of providing one voice for the country as opposed to having each state complicating matters over self interest.
Yu also mentions that Ohio, Indiana, and Pennsylvania receive 50% of their oil supply via Line 5 and are prepared to stand with ENB on the matter.
ENB has taken the matter to Federal court where Gov Whitmer has no say. Until the highest court in the USA tells ENB to shut down Line 5, ENB is going to continue to pump its 540,000 barrels of oil through Line 5. Using a ballpark number of $8 per barrel in fees, that means ENB has 4 million reasons per day to fight the good fight, so they won't be backing down.
I don't think a handful of drum beating Natives, or Jane Fonda, or even the Fiddiot can overcome the the Pipeline Transit Treaty and Pipeline Safety Act.
As a matter of fact, other than a handful of Natives and the one angler guy who put up a video, does anyone other than Whitmer actually want to see 15,000 daily trucking trips on the highways and streets of Michigan. I imagine the people that live along the trucking routes would be thrilled with the sound of "Jake Brakes" being applied all day long as heavy trucks carrying highly flammable liquids brake to slow down to preserve their conventional brakes. How long would it take for one of the 15,000 drivers to cause or be involved in an accident where something bad happens. A fully loaded fuel truck weight about 80,000 pounds which is gonna cause some damage.
Line 5 has been operating without a spill for 65 years. ENB has committed to spend $500 million to reroute the one area of concern and in the meantime has put the Guardian system in place to virtually eliminate the possibility of an anchor strike under the Strait.
I'm not liking Gov. Whitmer's chances. However, until the courts muzzle the pooch, the barking will continue to keep the ENB share price artificially suppressed thereby providing astute investors with an opportunity.