Calgary-based Enbridge Inc. (ENB) recently announced that it reached an agreement with subsidiaries of U.S. oil major Chevron Corp. (CVX), Norway’s StatoilHydro ASA (STO) and Japan’s Marubeni Corp. to construct and operate a 40-mile, 20-inch oil pipeline from the proposed Big Foot ultra deepwater development in the Gulf of Mexico.   The planned conduit is estimated to cost approximately $250 million and will transport about 100,000 barrels of oil per day to a subsea connection on existing deepwater pipeline infrastructure. It will be located approximately 170 miles south of the Louisiana coast and reach depths of up to 5,900 feet below water.   The proposed Big Foot pipeline will complement Enbridge’s previously announced plans to build the Walker Ridge offshore natural gas pipeline in the area for $500 million. Thus the company has committed a total of $750 million in pipelines to service oil and gas exploration

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  I talked to Phil at HoweStreet.com yesterday. You can listen HERE.And yesterday in MoneyandMarkets.com I wrote about Mexico’s supergiant oil field, Cantarell, which is in some serious trouble. Here’s that …A Storm Called Cantarellby Sean Brodrick Wednesday, September 03, 2008 7:30 AMThe oil industry along the Louisiana coast got off lightly from Hurricane Gustav. While 1.3 million barrels of oil and seven billion cubic feet of natural gas per day stopped pumping temporarily, ... [More...]XX Sean’s note: After I published that story, I then found another story on Mexican oil woes. It’s interesting …Cantarell Is Not Mexico's Only Oil Production ProblemThere are problems in two other large oil fields, the Chicontepec Basin and Ku-MaloobZaap. These two fields make up 72% of Mexico's non-Cantarell proven reserves. The fields differ significantly from Cantarell in terms of geology, ...

Stocks opened September in a bullish mood after Hurricane Gustav did not cause as much damage as feared over the Labor Day weekend in the Gulf of Mexico. Crude sold off hard to open the session which buoyed stock investors but the rally couldn't hold.

The Dow, after surging over 200 points in the morning session, finished the day down 26.63 points, or 0.2% to 11516. The Dow was dragged down by Exxon (XOM) and Chevron (CVX), both which lost over 3% during the session. The S&P 500 Index fell 5.3 points, or 0.4%, to 1277. The Nasdaq Composite Index also couldn't hold onto big early gains, losing 18.28 points, or 0.8%, to 2349.

Crude was the big story after Gustav weakened by the time he hit the Louisiana coast. Crude fell as much as 8.7% during today's session before rallying

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