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The increased use of oil via rail is estimated to move just as much oil into the U.S. as TransCanada's Keystone XL pipeline. If it is getting here anyway, then do we even need it?
The decision to approve or reject TransCanada's (NYSE: TRP ) Keystone XL pipeline has dragged on for more than five years now. Since that time, energy companies have figured out that they can just move oil via rail instead. This revelation has resulted in many Canadian oil companies sending oil to the U.S. via rail. It is estimated that these oil shipments and the projects in place to increase capacity will equal the total capacity of the Keystone XL pipeline.
This raises a pertinent question: Do we even need the pipeline anymore? Tune into the video below to find out why Fool contributor Tyler Crowe thinks the surge in oil via rail is a case for the pipeline. He also discusses why low-cost oil sand producers like ConocoPhillips (NYSE: COP ) and Devon Energy (NYSE: DVN ) are going to benefit whether the pipeline gets built or not.
Who will dominate the American energy boom?
Both Devon and ConocoPhillips are carving out positions as the top American energy companies, but they aren't alone. The transformation of the American energy space is creating investment opportunities everywhere, but picking the right ones will mean the difference between a flash in the pan and a long-term jewel. For this reason, we've put together a comprehensive look at three energy companies set to soar during this transformation in the energy industry. Find out which three companies beat out Devon Energy and ConocoPhillips to make our list of companies that are spreading their wings by checking out our special report, "3 Stocks for the American Energy Bonanza." Simply click here and we'll give you free access to this valuable investing resource.