Kinder Morgan billionaire sees big fortunes in oil by train and tanker
Kinder Morgan CEO says pipelines, including B.C.’s Trans Mountain expansion, not enough to move “tremendous” surge in Canadian and U.S. oil.
Consequently, he told analysts last week on a teleconference call that his company is investing a combined $1.1 billion on a new oil tanker fleet and a crude-oil-by-rail terminal near Edmonton, to get the oil to market.
“We’re primarily a pipeline company of course… but there are reasons why pipelines don’t satisfy everybody’s needs. An outgrowth of that is obviously crude by rail. Another outgrowth of that is the Jones Act,” said Kinder, from Houston, Texas.
Kinder Morgan stock pumped
Kinder said for an “old Texas oil man” like himself, he’s never seen brighter days ahead for oil transport.