Phillips 66 is reporting increased backing for its Western Gateway Pipeline, a proposed initiative to transport refined fuels from Midwest refineries to California. The project, which Phillips 66 is developing in collaboration with Kinder Morgan, has garnered growing support from federal, state, and industry stakeholders. If completed, it could hold the title of the largest pipeline worldwide for refined petroleum product transport. The newly-announced development represents a significant step forward in infrastructure aimed at boosting the efficiency of fuel delivery across key U.S. regions.
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Crude oil (Oil – US Crude) has seen a 5.97% decline over the past month, marking a sustained downward pressure. Additionally, the 1-day technical signal for US Crude currently indicates Sell, pointing to potential bearish sentiment in the short term. Investors should continue monitoring market movements and developments around the Western Gateway project for broader implications in the energy sector.
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