Only yesterday the story was Canadian oil would be China-bound because election-obsessed Obama punted on the XL pipeline decision. Here's the new story:
Oil has been backed-up in the US midwest as production rose but the pipelines fell behind. Today Enbridge Inc. of Canada bought a 50% stake in the Seaway refined-product pipeline that runs from the Gulf to Cushing, Oklahoma. Enbridge will reverse the flow so it carries crude from Cushing to the Gulf refineries. The backlogged oil includes Canadian crude and Bakken Formation production. Trans Canada Pipelines today announced there's enough backlogged oil for them too. They plan to get started within two months building their own pre-approved link from Cushing to the Gulf Coast refineries, even though the first leg of the XL pipeline from Canada was put in limbo by the Greeny Gang of politics.
Detail: Enbridge Inc. is putting in $1.15 billion for the deal. In Cushing there are currently some 32 million barrels of un-refined oil in storage above ground that couldn't get a timely path out. It is priced as equivalent to WTI (West Texas Intermediate) oil whose price rose $3/barrel today.