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Keystone makes TransCanada more cautious about future U.S. forays: executive

By Bill Graveland, The Canadian Press CALGARY - A senior TransCanada Corp. executive says the resistance to the approval of the proposed Keystone XL oilsands pipeline has made the company more cautious about future cross-border endeavours.Alex Pourbaix, president of energy and oil pipelines at the Calgary-based pipeline and utility company (TSX:TRP), said the long delays getting Keystone approved in the U.S. has been an education."When you're involved in one of these cross-border projects you [Read more]

Tervita opens Saskatoon office

SASKATOON - Environmental and energy services company has opened an office in Saskatoon. Tervita has been working in Saskatchewan for about a decade, but hasn't had a corporate presence until now. Premier Brad Wall says the new office is part of the growth momentum in Saskatchewan that can't be underestimated. It's expected Tervita's office will create more than 250 jobs as a result of increased business. Tervita offers environmental solutions to oil, natural gas and mining [Read more]

Marathon Oil ends talks to sell oilsands assets

Marathon Oil Corporation's bid to sell off its stake in the Athabasca Oil Sands Project has ended with "terminated negotiations". The company said in a press release it "is not engaged in further discussions with respect to a potential sale of these assets". Read the release below courtesy Marathon Oil Corp: As previously announced, Marathon Oil Corporation (NYSE: MRO) had engaged in discussions with respect to a potential sale of a portion of the Company's 20 percent outside-operated [Read more]

Oil price falls to near $93 a barrel in Europe after China manufacturing contracts in May

By Pablo Gorondi, The Associated Press The price of oil fell to near $93 a barrel on Thursday after a survey showed manufacturing activity in China falling to its lowest level in seven months, a sign that the recovery in the world's No. 2 economy is fading. By early afternoon in Europe, benchmark oil for July delivery was down 99 cents to $93.29 a barrel in electronic trading on the New York Mercantile Exchange. The contract declined $1.90 to close at $94.28 a barrel on Wednesday. HSBC [Read more]

US Congress passes bill to speed approval of Keystone pipeline

By Associated Press WASHINGTON — House Republicans pushed through a bill Wednesday to bypass the president to speed approval of the Keystone XL oil pipeline from Canada to Texas. Democrats criticized the legislation as a blatant attempt to allow a foreign company to avoid environmental review. The bill was approved, 241-175, largely along party lines. Republicans said the measure was needed to ensure that the long-delayed pipeline, first proposed in 2008, is built. “This is the most [Read more]

Oil falls near $94 on small drop in supplies

(AP) The price of oil fell near $94 a barrel Wednesday as the nation’s oil supply fell less than expected and demand for gasoline remained weak. Benchmark crude for July delivery declined $1.90 to close at $94.28 a barrel on the New York Mercantile Exchange. The Energy Department said U.S. crude oil supplies declined by 300,000 barrels last week to 394.6 million barrels. Analysts expected a decrease of 1.2 million barrels. Gasoline supplies grew by 3 million barrels. At 220.7 million [Read more]

Republicans aim to take Keystone XL decision out of Obama’s hands

By Lee-Anne Goodman, The Canadian Press WASHINGTON - The American political brawl over TransCanada's proposed Keystone XL pipeline is shifting into overdrive as Republicans in the House of Representatives make yet another attempt to take the decision out of U.S. President Barack Obama's hands. The Northern Route Approval Act was expected to pass the House easily, although it faces a far less certain future in the Democrat-controlled U.S. Senate. The bill would allow for congressional [Read more]

Obama opposes GOP bill to hasten Keystone XL approval

WASHINGTON (AP) — The White House says President Barack Obama opposes a House bill that would speed approval of the proposed Keystone XL oil pipeline from Canada to Texas. The White House said Tuesday that the bill “seeks to circumvent longstanding and proven processes” by removing a requirement for a presidential permit. The legislation also says no new environmental studies are needed. House Republicans say the bill is needed to ensure the long-delayed pipeline is built. The project, [Read more]

North American markets climb on gold, energy gains and positive Fed speeches

By Linda Nguyen, The Canadian Press TORONTO - Signs that the U.S. Federal Reserve may not put the brakes on its aggressive monetary stimulus program any time soon sent North American markets higher Tuesday. The S&P/TSX composite index climbed 129.38 points to 12,742.43, also boosted by strong gains in the energy and gold sectors. The Canadian dollar was up 0.22 of a cent at 97.39 cents US. On Wall Street, both the Dow Jones industrials index and the S&P 500 again surged to [Read more]

MIT physicist Moniz takes over as U.S. energy secretary, delays action on LNG exports while he studies data

By The Associated Press WASHINGTON — Energy Secretary Ernest Moniz said Tuesday he will put on hold about 20 applications to export liquefied natural gas until he reviews studies by the Energy Department and others on what impact the exports would have on domestic natural gas supplies and prices. Moniz, who was sworn in Tuesday as the nation’s new energy secretary, said he promised during his confirmation hearing that he would “review what’s out there” before acting on proposals to export [Read more]