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Oil spills impact property value, Canadian group finds

Dec. 11, 2013 at 8:24 AM   |   Comments

VANCOUVER, British Columbia, Dec. 11 (UPI) -- A Canadian group advocating responsible resource development said property values are at risk from pipeline development in British Columbia.

Pipeline company Kinder Morgan is proposing to spend more than $5 billion to twin its existing Trans Mountain pipeline from Alberta to British Columbia. The company said the expansion would at least double the corridor's existing capacity of 300,000 barrels of oil per day.

A nine-page brief published Tuesday by Conversations for Responsible Economic Development, an advocacy group in British Columbia promoting responsible resource development, said projects like Kinder Morgan's could diminish property values if they leak.

CERD based its assessment on property values in the United States and Canada in regions where pipeline spills or platform releases have occurred. In some instances, the advocacy group said property values declined by as much as 10 percent after a major release.

"The goal of the report is to increase access to information and support a transparent conversation around the economic risks and rewards of Kinder Morgan's proposed new Trans Mountain pipeline," the group said in a statement. "CRED is calling for an independent study of the economic risks of the proposal."

There was no reaction from Kinder Morgan.

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