As you correctly point out, Bank of America, along with a slew of other financial organizations, including Citibank, Wells Fargo, Goldman Sachs, and JPMorgan Chase, is one of the institutions backing the Dakota Access Pipeline enterprise that is now under construction.
Wells Fargo was one of 17 financial institutions that contributed to the construction of the DAPL, which also included Bank of America, Goldman Sachs, and JPMorgan Chase.
Who supported the Dakota Access Pipeline?
Regulatory authorities in all four states where the pipeline runs, as well as the U.S. Army Corps of Engineers, have all given their approval to the Dakota Access Pipeline project. In total, more than 1,000 certificates, licences, and permissions were obtained for the pipeline, which equates to about one permit or certification for every mile of pipeline length.
Which banks fund pipelines?
Mega-banks frequently use your money to fund projects that are at odds with your values—and approximately 40 of them, including US Bank, JP Morgan Chase, Bank of America, Wells Fargo, and others, are financially backing the Dakota Access Pipeline (DAPL), which is being built in North Dakota.
Did Wells Fargo fund the pipeline?
A $120 million loan from Wells Fargo was made to the pipeline developers, Energy Transfer Partners, representing 4.8 percent of the overall cost of the project. It was one of 17 financial institutions to do so.
Is the Dakota Access Pipeline in use?
In July 2020, a federal court ordered the Dakota Access Project to cease operations until the government performs a full-fledged review of the risk that the pipeline poses to the Standing Rock Sioux Tribe. (The closure order was immediately reversed, and the pipeline has been operational since.)
Does the Keystone pipeline go through Native American land?
More than 100 miles from the Fort Belknap Indian Reservation’s administrative headquarters, the pipeline would pass straight through holy and historic places as well as ancestral territories of the Gros Ventre and Assiniboine Tribes, according to the project’s supporters.
How many miles of pipe currently exist in the United States?
Every year, trillions of cubic feet of natural gas and hundreds of billions of ton/miles of liquid petroleum products are securely delivered over the nation’s more than 2.6 million miles of pipeline infrastructure.
Who financed the Keystone pipeline?
There hasn’t been any particular project financing for the Keystone XL pipeline up until this point. TransCanada Pipelines Ltd. (a 100 percent subsidiary of TC Energy that owns and runs the Keystone XL pipeline), bonds, and the sale of firm assets have been used to fund the Keystone XL project instead.
Which banks are funding Line 3?
Banks targeted by activists include JP Morgan Chase, Citigroup, and Bank of America in the United States, as well as TD Bank and the Royal Bank of Canada in Canada, and the European banks Barclays Bank, HSBC, Credit Suisse, and Deutsche Bank in Germany. (See the whole list of banks that are funding Line 3 here.)
What banks are funding Line 3 pipeline?
A USD 2 billion total bond issue for Enbridge was completed in November 2019 with the participation of four banks: Barclays, Credit Suisse, Deutsche Bank, and SMBC. More information may be found in the section below. In February 2020, Mizuho Bank was the lead lender on a USD 1 billion loan to Enbridge, which would be paid back in full by the end of February 2022.
Why was the Dakota access pipeline built?
Pipelines allow crude oil to be transported securely to refining and industrial markets, where it may be utilized to manufacture the vast majority of the items that Americans use on a daily basis. During the building phase of the Dakota Access Pipeline, an estimated 8,000 to 12,000 jobs were produced.
Who owns the Bakken pipeline?
Dakota Access is the company that owns and operates the pipeline. It is a joint venture between Energy Transfer Partners (which owns 38.25 percent of the pipeline), MarEn Bakken Company (which owns 36.75 percent of the pipeline), and Phillips 66. (25 percent ). MarEn Bakken is a joint venture between Marathon Petroleum and Enbridge Energy Partners in the Bakken oil field in North Dakota.
Was the Standing Rock pipeline built?
Construction of the pipeline was finished by the end of June 2017.The Standing Rock Sioux Tribe successfully challenged the permits in court and was awarded a victory.The court found at the time that the environmental analysis had been insufficient because it had failed to account for the repercussions that would be experienced by the Tribe, and ordered the United States Army Corps of Engineers to do a new review.
Where does the oil from the Dakota pipeline go?
Oil will be transported from the Bakken oil deposits in North Dakota to Illinois, where it will be connected to another pipeline that will deliver the oil to terminals and refineries along the Gulf of Mexico’s coast. Construction of the pipeline began despite opposition from the Standing Rock Sioux Tribe and other environmental organizations.