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Plains All American Pipeline (NYSE:PAA): Current price $54.88
Workers at the firm’s Canadian division disregarded leak alarms and then restarted a ruptured oil pipeline, causing one of the worst oil spills in Alberta’s history, according to a report issued by the province’s pipeline regulator. On Tuesday, Alberta’s Energy Resources Conservation Board issued four high-risk enforcement actions against Plains Midstream Canada as it concuded an investigation into the April 2011 breach of the Rainbow pipeline. The spill released 28,000 barrels of crude oil in a wilderness area close to the northern Alberta native community of Little Buffalo. Since the Board can only levy minor penalties, there was no further action. However, it estimates that the spill cost the Alberta economy $826 million.
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