Oil prices fell sharply on Friday after it was reported that OPEC will raise its crude output ceiling by 1.5 million barrels a day. This is believed by many market watchers that it signals a production increase that could heighten global supply of oil that already is approaching oversupply. U.S. crude fell $1.17 to $39.91 a barrel on the New York Mercantile Exchange in early trading Friday. Brent dropped 87 cents to $42.97 a barrel on the ICE Futures Europe. Houston's Fuel Fix [Read more]
Oil rebounds above $40
U.S. rebounded above $40 after falling below the mark earlier this morning for the first time since August. WTI initially fell after an Energy Department report showed oil inventories on the rise once again. The Houston Chronicle reported that "U.S. crude inventories have steadily grown for 10 consecutive weeks since the middle of September. During that time, prices have fallen from highs near $50 per barrel to as low as $40 per barrel. Crude briefly traded below $40 per barrel on Nov. [Read more]
Canadian Energy Pipeline Association announces Chris Bloomer as new President & CEO
CALGARY – The Canadian Energy Pipeline Association has named Chris Bloomer as its new president and CEO. Bloomer, a geoscientist who started his career with Shell Canada, was most recently CEO of Connacher Oil and Gas Ltd. Before that, he was a Senior Vice President and Chief Operating Officer and Director with Petrobank Energy and Resources Ltd. “I am honoured to be a part of the association’s focus on safety, transparency and shared commitment to continuous improvement,” said Bloomer, in [Read more]
Turning a new leaf on the Alberta climate change debate
In Premier Rachel Notley's keynote speech to the Alberta Chambers of Commerce in September, she emphasized the importance of Alberta improving its environmental record. To support her argument that such an initiative is in fact worthwhile both economically and for the Alberta population's health, Notley used the recent findings from the Canadian Ambient Air Quality Standards (CAAQS) report as evidence. Additionally, the rhetoric that her government uses clearly assumes that there is in fact man [Read more]
Apache shares surge 15%
Apache Corp. shares jumped as much as 15 % on Monday after Bloomberg reported Sunday the oil company rejected a buyer’s offer. The report, said it’s not clear if negotiations will continue after the rejected offer. Apache’s surge came on a bad day for the broader oil market, as concerns about global oil demand helped push WTI down to $43.76. [Read more]
Larry Summers’ influence on Canadian public policy and what it could mean for the petroleum industry
For many Canadians, a desire for change influenced their final voting decision in the federal election. Through focus groups and polls, the Liberals realized before the campaign even started that capturing the ‘change’ vote was crucial for winning seats. In recognizing this, credit to the Liberals for correctly reading the mood and accounting for it in their strategic campaign planning. With their majority win last week, it is now evident that what the Liberals did to communicate to Canadians [Read more]
Ceci delivers Alberta budget, reveals largest ever deficit at $6.1 billion
Tuesday afternoon, Alberta Finance Minister Joe Ceci, announced the 2015/2016 Provincial budget. Ceci announced a deficit for 2015/16 of $6.1 billion after a collapse in the price of oil hit Provincial coffers especially hard. “Overall this budget lays out a responsible economic plan that will serve as a shock absorber for our short term challenges and grow the economy over the long term,” Finance Minister Joe Ceci said. The NDP budget comes with a $26.8 billion deficit over the next three [Read more]
Alberta NDP push balanced budget promise back by a year
Rachel Notley's Alberta NDP government is pushing back its balanced budget promise by a full year. During the spring provincial election campaign, the NDP promised a lots of spending but said that it would see the province balance its books by 2018-19. That was to be a full year after the Wildrose and PC opposition party promises. Today however, Finance Minister Joe Ceci announced that the provincial government has changed course. Ceci mentioned that global markets have forced the government [Read more]
Justin Trudeau leads Liberals to majority government
The Liberal Party of Canada has made a stunning turnaround in this year's federal election. In total, the Liberals officially won 184 seats, surpassing 170 seat minimum for a majority government. The Liberal win effectively ends close to 10 years of Conservative leadership under Prime Minister Stephen Harper. Harper has indicated that he will indeed be stepping down as leader of the Conservatives, but will remain as an MP. “During the past 9 1/2years it has been an unbelievable honour [Read more]
Remember when? Alberta’s economy under Trudeau (Sr.)
“If my voice is trembling, it’s because I am terribly angry, to the point where I would be happy to fight for our freedom and I literally mean with a rifle.” "Let the Eastern bastards freeze in the dark!" Very strong language, most will agree. The above quotes effectively illustrate the emotions felt by a majority of Albertans directed towards the Pierre Trudeau led federal government of the early 1980’s. The emotional outcry, of course, was in the wake of Trudeau’s infamous 1980 National [Read more]
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