TORONTO - Ontario Premier Doug Ford is urging Prime Minister Mark Carney to make a gas tax suspension permanent, or at least extend it beyond its looming expiry. Carney announced in April that the government would pause collection of the federal fuel excise tax on gasoline and diesel until Labour Day, as a way to counteract rising gas prices. It saves Canadians 10 cents per litre on regular gasoline and four cents on a litre of diesel. Ford has written today to Carney asking him to keep [Read more]
Too soon to say whether pipeline agreement could change Suncor’s outlook: CEO
The chief executive of oilsands giant Suncor Energy Inc. says he's encouraged by the tone in Canada surrounding the sector compared with the past decade, but it's still too early to say whether recent government commitments can help spur future growth. Speaking to analysts on Wednesday as Suncor reported its second-quarter earnings, CEO Rich Kruger described a "very different mood" today than it has been in the past when it comes to the future of the oil and gas industry. Last month, [Read more]
BP posts profits, says exit from Bay du Nord oil project shows disciplined investing
ST. JOHN'S - British oil company BP says it withdrew from the proposed Bay du Nord offshore oil project off the east coast of Newfoundland to free up some money. The company published its second-quarter financials on Tuesday, saying the period was marked by deep disruptions in the global energy market. It nonetheless posted profits of $3.9-billion, more than double its second-quarter profits last year. Oil companies are posting significant gains as fighting in Iran upends the global [Read more]
Ottawa moves to list Alberta-backed West Coast pipeline as national interest project
OTTAWA - The federal government is advancing the process to designate a proposed oil pipeline to the West Coast as a "national interest" project. Designating a project as being in national interest under the Building Canada Act allows the government to fast-track approvals and skirt some environmental laws. A notice published in the Canada Gazette on Aug. 1 sets a Sept. 18 deadline to submit comments on the national interest designation. The government's notice says Intergovernmental [Read more]
Washington state congressman wants spill response review for Alberta pipeline to B.C.
A congressman from Washington State says the U.S. Coast Guard should review and update oil spill response plans as news of a planned pipeline from Alberta to B.C. would increase oil tanker traffic in the Salish Sea. Rep. Rick Larsen says he sent a letter to a top U.S. Coast Guard official this week seeking details about co-ordination efforts around a Canada-U.S. pollution contingency plan. Larsen says the contingency plan is important after the announcement of a new oil pipeline from [Read more]
Pembina Pipeline reports $512M second-quarter profit, rising from $417M last year
CALGARY - Pembina Pipeline Corp. says it earned $512 million in the second quarter, rising from $417 million during the same period last year. The Calgary-based natural gas processor and shipper says its revenue during the quarter reached $2.15 billion, up year-over-year from $1.79 billion. On a diluted per-share basis, the company's earnings amounted to 82 cents for the period ended June 30, compared with 65 cents during last year's second quarter. During the quarter, Pembina entered [Read more]
Imperial Oil Q2 profit up, driven by higher commodity prices
CALGARY - Imperial Oil Ltd. reported its second-quarter profit was up, primarily driven by higher commodity prices. The company says it earned $2.2 billion or $4.52 per diluted share for the quarter ending June 30 compared with a profit of $949 million or $1.86 per diluted share a year earlier. Revenue and other income totalled $16.06 billion, up from $11.23 billion in the second quarter of 2025. Upstream production in the quarter averaged 414,000 gross oil-equivalent barrels per day, [Read more]
Economy grew 0.3% in May, on track for solid Q2 rebound: StatCan
OTTAWA - The economy was growing steadily in May and appeared on track for a solid rebound in the second quarter as a whole, Statistics Canada said Friday. The agency said real gross domestic product rose 0.3 per cent in May amid growth in both the goods and services sides of the economy. That topped StatCan’s own initial estimate for 0.1 per cent growth in the month. The agency said output from the mining, quarrying, oil and gas extraction sector rose one per cent in May, leading economic [Read more]
Pipeline company Enbridge reports $1.4-billion second-quarter profit
CALGARY - Enbridge Inc. reported a second-quarter profit attributable to common shareholders of $1.4 billion, down from $2.18 billion a year earlier. The pipeline company says the profit amounted to 64 cents per share for the quarter ended June 30, down from $1 per share in the same quarter last year. On an adjusted basis, Enbridge says it earned 63 cents per share in its latest quarter, down from an adjusted profit of 65 cents per share in the second quarter of 2025. The company says [Read more]
Bank of Canada officials split over how long the recent economic rebound will last
OTTAWA - Members of the Bank of Canada's governing council were split over how sustainable a recent economic rebound could be, deliberations from the central bank's rate decision earlier this month show. The Bank of Canada held its benchmark interest rate steady at 2.25 per cent for a sixth straight time at its decision on July 15. Minutes tracking governing council's discussions heading into that announcement were released Wednesday. The deliberations show officials were growing more [Read more]
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