The Biden administration is allegedly looking into what the market consequences will be if it shuts down a Michigan oil pipeline.
Politico reports that the administration is weighing what to do with Line 5, which is part of a network that moves petroleum products, including crude oil, from Western Canada to Escanaba, Mich. Approximately 540,000 barrels of these products are transported per day.
Biden’s move on Line 5 has been sharply criticized by Republicans in Congress. More than a dozen lawmakers from the region sent a letter to Biden, warning the president that this move can result in gas prices spiking even further. Propane prices have already risen 50 percent in Michigan from last year.
"As we enter the winter months and temperatures drop across the Midwest, the termination of Line 5 will undoubtedly further exacerbate shortages and price increases in home heating fuels like natural gas and propane at a time when Americans are already facing rapidly rising energy prices, steep home heating costs, global supply shortages, and skyrocketing gas prices," wrote Rep. Bob Latta, R-Ohio, to Biden on November 4th.
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