{"id":41258,"date":"2018-12-04T06:39:35","date_gmt":"2018-12-04T11:39:35","guid":{"rendered":"https:\/\/olduvai.ca\/?p=41258"},"modified":"2018-12-04T06:39:35","modified_gmt":"2018-12-04T11:39:35","slug":"energy-transfer-banks-lost-billions-by-ignoring-early-dakota-access-pipeline-concerns","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=41258","title":{"rendered":"Energy Transfer, Banks Lost Billions by Ignoring Early Dakota Access Pipeline Concerns"},"content":{"rendered":"<h3 id=\"page-title\" class=\"page__title title\"><a href=\"https:\/\/www.desmogblog.com\/2018\/12\/03\/dakota-access-pipeline-concerns-cost-energy-transfer-investors-billions\">Energy Transfer, Banks Lost Billions by Ignoring Early Dakota Access Pipeline Concerns<\/a><\/h3>\n<article class=\"node-13336 node node-blog node-promoted view-mode-full clearfix\">\n<div class=\"field field-name-field-bimage field-type-image field-label-hidden\">\n<div class=\"field-items\">\n<div class=\"field-item even\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.desmogblog.com\/sites\/beta.desmogblog.com\/files\/styles\/full_width_blog_image\/public\/blogimages\/nodapl003.jpg?itok=JDh_4bbf\" alt=\"Anti Dakota Access protesters in Philadelphia\" width=\"826\" height=\"409\" \/><\/div>\n<\/div>\n<\/div>\n<div class=\"new-horizontal-social-bar clearfix\">\n<div class=\"new-horizontal-share-wrapper new-horizontal-email-wrapper clearfix last\">Roughly four years ago, Energy Transfer Partners (<span class=\"caps\">ETP<\/span>) filed a federal application to build a 1,172 mile oil pipeline from North Dakota\u2019s Bakken shale across the <span class=\"caps\">U.S.<\/span> to Illinois at a projected cost of $3.8\u00a0billion.<\/div>\n<\/div>\n<div class=\"field field-name-body field-type-text-with-summary field-label-hidden\">\n<div class=\"field-items\">\n<div class=\"field-item even\">\n<p>Before that application was filed, on September\u00a030, 2014, the Standing Rock Sioux Tribe met with <span class=\"caps\">ETP<\/span> to express concerns about the <a href=\"https:\/\/www.desmogblog.com\/energy-transfer-partners-bakken-oil-pipeline-through-iowa\" target=\"_blank\" rel=\"noopener\">Dakota Access pipeline (<span class=\"caps\">DAPL<\/span>)<\/a> and fears of water contamination. Though the company, now known as Energy Transfer, had re-routed a river crossing to protect the state capital of Bismarck against oil spills, it apparently turned a deaf ear to the Tribe\u2019s\u00a0objections.<\/p>\n<p>Following that approach proved to be a very costly decision, a <a href=\"https:\/\/www.colorado.edu\/project\/fpiep\/sites\/default\/files\/attached-files\/social_cost_and_material_loss.pdf\" target=\"_blank\" rel=\"noopener\">new analysis<\/a> concludes, with <span class=\"caps\">ETP<\/span>, banks, and investors taking billions in losses as a\u00a0result.<\/p>\n<p><span class=\"dquo\">\u201c<\/span>This case study estimates that the costs incurred by <span class=\"caps\">ETP<\/span> and other firms with ownership stake in <span class=\"caps\">DAPL<\/span> for the entire project are not less than $7.5 billion, but could be higher depending on the terms of confidential contracts,\u201d a new report, \u201cSocial Cost and Material Loss: The Dakota Access Pipeline,\u201d concludes, noting that represented nearly double the initial project cost. \u201cThe banks that financed <span class=\"caps\">DAPL<\/span> incurred an additional $4.4 billion in costs in the form of account closures, not including costs related to reputational\u00a0damage.\u201d<\/p>\n<p>In addition, the company\u2019s \u201cpoor social risk management\u201d caused taxpayers and \u201cother local stakeholders\u201d to incur at least $38 million in costs, the report\u00a0concludes.<\/p>\n<hr \/>\n<article class=\"MediaCard\n           MediaCard--mediaForward\n\n           customisable-border\" dir=\"ltr\" data-scribe=\"component:card\"><\/p>\n<div class=\"MediaCard-media\" data-scribe=\"element:photo\"><a class=\"MediaCard-borderOverlay\" tabindex=\"-1\" title=\"View image on Twitter\" role=\"presentation\" href=\"https:\/\/twitter.com\/wesenzinna\/status\/791734219462410240\/photo\/1\"><span class=\"u-hiddenVisually\">View image on Twitter<\/span><\/a><\/p>\n<div class=\"MediaCard-widthConstraint js-cspForcedStyle\" data-style=\"max-width: 1200px\">\n<div class=\"MediaCard-mediaContainer js-cspForcedStyle\" data-style=\"padding-bottom: 56.2500%\"><a class=\"MediaCard-mediaAsset NaturalImage\" href=\"https:\/\/twitter.com\/wesenzinna\/status\/791734219462410240\/photo\/1\"><img loading=\"lazy\" decoding=\"async\" class=\"NaturalImage-image\" title=\"View image on Twitter\" src=\"https:\/\/pbs.twimg.com\/media\/CvzN0OTVYAAqm_d?format=jpg&amp;name=small\" alt=\"View image on Twitter\" width=\"1200\" height=\"675\" data-image=\"https:\/\/pbs.twimg.com\/media\/CvzN0OTVYAAqm_d\" \/><\/a><\/div>\n<\/div>\n<\/div>\n<\/article>\n<div class=\"EmbeddedTweet-tweetContainer\">\n<div class=\"EmbeddedTweet-tweet\">\n<blockquote class=\"Tweet h-entry js-tweetIdInfo subject expanded\" cite=\"https:\/\/twitter.com\/wesenzinna\/status\/791734219462410240\" data-tweet-id=\"791734219462410240\" data-scribe=\"section:subject\">\n<div class=\"Tweet-header\"><a class=\"TweetAuthor-avatar  Identity-avatar u-linkBlend\" href=\"https:\/\/twitter.com\/wesenzinna\" data-scribe=\"element:user_link\" aria-label=\"Wes Enzinna (screen name: wesenzinna)\"><img decoding=\"async\" class=\"Avatar\" src=\"https:\/\/pbs.twimg.com\/profile_images\/973582064250433537\/M85iaCYQ_normal.jpg\" alt=\"\" data-scribe=\"element:avatar\" data-src-2x=\"https:\/\/pbs.twimg.com\/profile_images\/973582064250433537\/M85iaCYQ_bigger.jpg\" data-src-1x=\"https:\/\/pbs.twimg.com\/profile_images\/973582064250433537\/M85iaCYQ_normal.jpg\" \/><\/a><\/p>\n<div class=\"TweetAuthor js-inViewportScribingTarget\" data-scribe=\"component:author\">\n<div class=\"TweetAuthor-nameScreenNameContainer\"><span class=\"TweetAuthor-decoratedName\"><span class=\"TweetAuthor-verifiedBadge\" data-scribe=\"element:verified_badge\"><b class=\"u-hiddenVisually\">\u2714<\/b><\/span><\/span><\/div>\n<\/div>\n<\/div>\n<div class=\"Tweet-body e-entry-content\" data-scribe=\"component:tweet\">\n<p class=\"Tweet-text e-entry-title\" dir=\"ltr\" lang=\"en\">&#8220;This is what it&#8217;s all about,&#8221; protestor says. &#8220;Sacred water.&#8221; Not sure guys on left agree. <a class=\"PrettyLink hashtag customisable\" dir=\"ltr\" href=\"https:\/\/twitter.com\/hashtag\/NoDAPL?src=hash\" rel=\"tag\" data-query-source=\"hashtag_click\" data-scribe=\"element:hashtag\"><span class=\"PrettyLink-prefix\">#<\/span><span class=\"PrettyLink-value\">NoDAPL<\/span><\/a> <a class=\"PrettyLink hashtag customisable\" dir=\"ltr\" href=\"https:\/\/twitter.com\/hashtag\/DAPL?src=hash\" rel=\"tag\" data-query-source=\"hashtag_click\" data-scribe=\"element:hashtag\"><span class=\"PrettyLink-prefix\">#<\/span><span class=\"PrettyLink-value\">DAPL<\/span><\/a><\/p>\n<\/div>\n<\/blockquote>\n<\/div>\n<\/div>\n<hr \/>\n<p>As opposition to <span class=\"caps\">DAPL<\/span> <a href=\"https:\/\/nationalpost.com\/pmn\/news-pmn\/a-timeline-of-the-dakota-access-oil-pipeline\" target=\"_blank\" rel=\"noopener\">grew<\/a> from a handful of locals to a movement attracting thousands of supporters to Standing Rock and backers worldwide, construction fell behind schedule and over-budget, with costs rising from a predicted $3.8 billion to at least $7.5 billion, the new report finds.<\/p>\n<p>\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/article>\n","protected":false},"excerpt":{"rendered":"<p>Energy Transfer, Banks Lost Billions by Ignoring Early Dakota Access Pipeline Concerns Roughly four years ago, Energy Transfer Partners (ETP) filed a federal application to build a 1,172 mile oil pipeline from North Dakota\u2019s Bakken shale across the U.S. to Illinois at a projected cost of $3.8\u00a0billion. Before that application was filed, on September\u00a030, 2014, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3,6],"tags":[2024,63,14232,5317,17875,11167,14233],"class_list":["post-41258","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","category-liberty","tag-bakken-shale","tag-banks","tag-dakota-access-pipeline","tag-desmog-blog","tag-energy-transfer-partners","tag-sharon-kelly","tag-standing-rock-sioux"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/41258","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=41258"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/41258\/revisions"}],"predecessor-version":[{"id":41259,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/41258\/revisions\/41259"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=41258"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=41258"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=41258"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}