The COVID-19 pandemic was among the factors that contributed to WTI crude oil prices' tailspin in 2020. The oil market isn't the only factor that dictates crude oil production and its subsequent transport. Another is the vast oil reserves and the amount of investment already directed into crude oil production, as well as crude oil's export prospects. Crude oil pipelines from Canada to the U.S. have been viewed as an efficient way to transport large amounts of Canadian heavy crude oil to U.S. Gulf Coast refineries. And one other factor that could influence crude-by-rail is how much crude oil volumes go into storage, Benedict said.
