The Upper Midwest is awash in oil. They have more oil than capacity to move it,” Podratz said in detailing the plan. “We have a window of opportunity here to help move it to market.”
Podratz said the Superior oil terminal will have a relatively short life expectancy — about five to 10 years after completion — because pipelines are still the fastest and cheapest way to move crude oil. Several companies, including Enbridge, have major pipeline expansions and new routes currently being planned.
“In fact, if Keystone XL goes ahead fast, this (Superior terminal project) probably goes away,” Podratz said. “Pipelines are still the easiest and cheapest way to move oil. They just can’t put pipelines in fast enough or to enough places to handle the supply right now.”