By Mike Lee
“Most pipeline companies are highly profitable, and they should be able to pay for both upgrading their systems and adequate insurance, said Tyson Slocum, the director of the energy program at the consumer advocacy group Public Citizen.
Colonial, for instance, reported $422 million in net income last year on $1.3 billion in revenue, a profit margin of 32%, according to a filing with the Federal Energy Regulatory Commission.
‘This is not an issue where the industry had barriers to obtaining needed insurance,’ Slocum said. ‘It is that the industry is not required to and doesn’t want to spend the money.’
‘All the pipeline companies view these pipelines as ATM machines,’ he added.”