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BOE Report Staff

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Alberta gives $1 billion for relief; Redford says flood has changed province

  CALGARY - The Alberta government is approving $1 billion to kick start the first phase of flood recovery in the province. Premier Alison Redford says the money will be used to support people who have been evacuated, as well as to run relief centres and to start rebuilding infrastructure. The government says it will provide pre-loaded debit cards to displaced residents to help with their immediate housing needs and day-to-day purchases. Those who qualify will receive $1,250 per [Read more]

Pennwest pipeline spill estimate grows with salt water

  LITTLE BUFFALO, Alta. - Estimates of the size of a pipeline spill in northern Alberta have grown dramatically.Pennwest Exploration says between 400,000 and 600,000 litres of salty waste water escaped from the pipeline.That's in addition to 5,000 litres of oil originally reported .The spill is about 20 kilometres from the aboriginal community of Little Buffalo.It is affecting a swampy area of muskeg and wetlands.There are conflicting reports on the size of the area and any impact on [Read more]

TSX adds to losses on central bank concerns, flagging Chinese growt

  TORONTO - The Toronto stock market was down sharply Monday, adding to last week's sharp losses amid signs that the U.S. Federal Reserve is getting ready to cut back on stimulus and more worry about China's economic rebound. The S&P/TSX composite index was off the worst levels of the session, coming back from a 237-point plunge to decline 120.84 points to 11,874.82 at mid-afternoon. The loss came on top of a slide of 192 points or 1.57 per cent last week. The Canadian dollar [Read more]

Gas prices unlikely to be affected by Alberta flooding

  TORONTO - The flooding in Alberta may impact many sectors of the economy, but consumers shouldn't worry about gas price spikes just yet.CIBC economist Peter Buchanan says any significant problems would be a result of flooding at refineries, and would depend on the extent of any disruption.Gasoline may see a temporary spike if people rush to fill their tanks because they're worried about supplies running low, or if consumption increases with the use of water vehicles involved in rescue [Read more]

Enbridge grapples with pipeline shutdown, weekend spill in northern Alberta

  CALGARY - Enbridge Inc. (TSX:ENB) is working to contain and clean up a weekend spill of synthetic crude into a wetland area and small lake in northern Alberta.Enbridge also shut other pipelines in the area as a precaution, including the Athabasca and Waupisoo pipelines.The release of crude comes as Alberta grapples with major flooding, including in the city of Calgary where Enbridge has its head office.Enbridge said in its initial assessment that unusually heavy rains may have resulted [Read more]

Northern Gateway equity offer would give First Nations about $70K a year: report

  TERRACE, B.C. - The equity offer from Northern Gateway to aboriginal groups along the route of a controversial oil pipeline would amount to an average of about $70,000 a year for the bands, which would be obliged to borrow the millions of dollars needed to purchase equity from Calgary-based Enbridge itself.It's a far cry from the path out of poverty the company claims, say some aboriginal leaders, who are among the minority who have rejected the offer."Only minimal economic benefits [Read more]

Pennwest pipeline spills more than 5000 litres of oil in northern Alberta

  LITTLE BUFFALO, Alta. - An pipeline operated by Pennwest Exploration has leaked more than 5000 litres of oil in northern Alberta and co-ordination of clean-up efforts is being hampered by flooding at the company's head office in Calgary.The Lubicon Lake First Nation says Pennwest (TSX:PWT) believes the spill took place on Saturday evening in an area that is the proposed location of future reserve lands.It says the company initially said the spill affected surface waters and muskeg [Read more]

Some neighbourhoods to reopen in Calgary as flooding situation improves

  CALGARY — A good portion of Calgary remained soaked by flood water Saturday morning, but there was some good news — the sun was out, rivers were receding and at least some evacuees were being allowed back home. Still, flood officials were warning that nothing was going to happen quickly and they were urging displaced people to stay away from their neighbourhoods until the city said it was safe to return. “Only make an attempt to return to your home if you have clear messaging [Read more]

RCMP report up to four may have died in southern AB floods, Harper tours area

  CALGARY – Alberta’s largest city was swamped Friday by floodwaters that submerged much of the lower bowl of the Saddledome hockey arena, displaced tens of thousands of people and forced the evacuation of the downtown core. Mounties reported up to four people in flooded areas south of the city may have died. “Get away from the river now!” a Calgary police officer in a helicopter bellowed to residents in the low-lying Calgary neighbourhood of Sunnyside as they surveyed torrents of [Read more]

Turner Valley sour gas leak plugged

  TURNER VALLEY, Alta. - Sour gas is no longer leaking in Turner Valley, Alberta.Legacy Oil and Gas and the Alberta Energy Regulator say falling river levels allowed crews to shut off a wellhead valve that was allowing a small amount of the deadly gas to escape.The leaking section of pipe had been submerged by the flooding Sheep River.It was originally damaged by debris in the rushing floodwaters.Alberta officials say there was no threat to human health from the small leak of gas [Read more]