cushing oklahoma. terminal leave they get both. that you know god only knows yeah it's thank you for the heads up on that it is your point that it's it's time to do something or or what. would you do all of those ideas just to reach around on this you know that's what they did x.l. pipeline but it's not actually right like probably all the streets but. yeah you know i mean well they're doing it but he spoke. right i think we'll still be in refined here need a date you know you have any it's good for them to being shipped off to europe and to south america asia i mean if you actually look at a map we're good really it takes this is there's a little over a harbor you know port right there yeah i mean it goes. excellent point all the replies and thank you for the call. this. bill mckibben has pointed out the this carbon store in alberta is one of the water just chunks of carbon on earth and one of the dirtiest and. you know that it's game over for the planet if the whole thing is is dug up and turned into into oil and or something res

the southern leg of keystone's pipeline bringing oil from cu cushing, oklahoma to -- three refineries are likely to receive some 700,000 barrels of light sweet crude per day. not just port arthur will benefit. the entire gulf coast region could tap into this new supply, giving it greater access to mid continent crude. >> as that oil arrives into the port arthur area, it will now be accessible to about 25% of the nation's refinery capacity because it will be connected by pipeline not only to port arthur but to lake charles and to the new orleans refining centers. >> reporter: the benefit of moving cushing crude by pipe? saves refiners big money. >> the oil sells for around 15 to $20 a barrel less than the imported crude coming in by ship. the more you can reduce the cost of the crude oil, the better chance you have of seeing savings at the gas pump. >> reporter: the southern leg raises questions about the northern leg, still awaysing washington's approval. it would bring 830,000 barrels of heavier crude oil per day from alberta, canada to the gulf coast. >> we want to replace that dimi

come through the cushing oklahoma. terminal leave they get both. yeah that's why you know god only knows it's thank you for the heads up on that it is your point that it's time to do something or or what will. you do you didn't reach around don't you know that it is still playboy it's not their. street but. you know me well and they're doing a book piece by piece but yeah i think you're right i think we'll still be refined here need a date you know you haven't it's been one of the being shipped off to off to europe and to south america asia i mean if you actually look at a map we're good early in texas is there's a little over a harbor you know port right there yeah i mean it goes i had an excellent point all the reply thank you for the call. this. bill mckibben has pointed out the this this carbon store in alberta is one of the water just chunks of carbon on earth and one of the dirtiest and. you know that it's game over for the planet with the whole thing is is dug up and turned into into oil and or something resembling oil and then refined and w

the southern leg opening today, operated by transcanada will transport oil from cushing, oklahoma, hereas, where there are four major refineries, toe tal, valero. they will have access to the barrels of oil that this 485-mile pipeline can bring to this area, but this is really significant because we're talking about the transport of light sweet crude, and we're giving access now to 25% of the nation's refining capacity. when you include the refineries that are in nearby lake charles and also in new orleans. and moving this light sweet crude is really important. it benefits the refiners. it brings their costs down and saves them roughly $15 a barrel. this also raises the question what about the northern leg of the keystone pipeline? of course, still waiting washington's approval on this. it could bring another 830,000 barrels from alberta, canada, down here to the gulf coast. that's the heavier crude that we're talking about. the cost savings there, $20 to $25 a barrel. now, the canadians getting a little impatient with the united states saying that president obama has punted on this iss

the 700,000 barrel per day gulf coast project spans 487 miles from cushing, oklahoma to the refineries on the texas gulf coast. shares of trans-canada down just slightly, about a quarter of a percent today, down 10% in the past year. just how important is this pipeline opening to the u.s. oil market and canadian oil market, for that matter? joining us live from calgary is trans-canada ceo russ gerling. nice to have you here. congratulations. >> thank you very much. thank you for having me. >> tell me how this is going to transform the oil market. in talking to some oil traders, they will be watching this very carefully because we have seen some kind of disproportionate moves in the oil market recently. >> yeah. i think it is obviously important to both producers and refiners. on the producing side, the glut of crude oil in the cushing area has resulted in a discount or wider discount than normal, and because you couldn't get to the gulf coast, those refiners were having to pay world market prices for their supply. by connecting the two, the refiners will be able to access cheaper suppl

fairly well today in part because of the news that we have seen the keystone extension from cushing, oklahomaa day, taking that oil out of that hub, helping to unlock some of the production bottleneck that we have seen there over the last few years. so now we've got, with the other pipeline, the c way, somewhere in the neighborhood of 800,000 barrels a day that are able to come of the of cushing and that has folks very bull risch on wti and nymex and the heating oil nowadays with the coal gripping much of the nation. >> that's a big story and we haven't talked about it nearly enough. thank you. bertha coombs at the nymex. looking at the markets on this thursday morning, weakness from the get go. we knew it would be bad judging from the futures. s&p is down almost 20 points to 1825. and we are office shawly looking at the dow's worse single day at this level since the 20th of september. our bob pisani is on the floor at the nyse with more. >> it's a tough day. it started overnight. look at the s&p futures. you can see this simply. look at nalast night. we were up after the close. and 8:30, the

obama, though, in his 19 -- 2012 visit to oklahoma gave a full endorsement of the southern leg of the keystone xl pipeline. here he was in 2012. >> i've come to cushingil town -- [cheers and applause] because producing more oil and gas here at omahas -- at home has been and will continue to be a critical apart of the all of the above energy strategy. >> reporter: also this week the national transportation safety board and the transportation safety board of canada issued a rare joint statement calling on their respective governments to issue new safety rules when it comes to the transportation of freight trains carrying oil. we've already seen major losses of life from such derailments, this unwith as you see -- one as you see last year in quebec. there's growing pressure to build a spur to the bakken oil field in north dakota where oil is presently shipped by train. senator john hoeven of north dakota says if that line was built, as much as 100,000 barrels a day could be shipped by train as opposed to the riskier route -- actually, by pipeline rather than the riskier route which is by train. back to you. jon: we have reported a lot on this program ab