TORONTO - RBC and Scotiabank say they're dropping their 2030 targets for reducing financed emissions as governments pull back on climate action and artificial intelligence drives a surge in energy demand. In 2022, RBC set goals to reduce funded emissions for the oil and gas, power generation and automotive sectors by the end of the decade as part of working toward net-zero financed emissions by 2050. The bank says in its sustainability report that after reviewing numerous factors including [Read more]
Industry confidence waning new pipeline will be deemed in national interest: survey
CALGARY - A new business sentiment survey from ATB Cormark Capital Markets suggests confidence is waning in a new oil pipeline being chosen for a speedy federal review within the next year. The investment firm canvassed executives representing 24 energy services firms, 22 exploration and production companies and 17 institutional investors on a range of topics between March 18 and April 1. Forty-six per cent of respondents said they believed it was either highly probable or probable a new [Read more]
‘It’s getting scary’: Rising gas prices bring frustration to Houston residents
HOUSTON - Elyse Vandermolen is like many residents of Houston — a Texan frustrated by watching the price per gallon tick higher at the gas pump while the oil-producing state she calls home is set for record exports because of the war in Iran. "It just makes your eyes pop out when you fill up the tank," Vandermolen told The Canadian Press at a Shell station Tuesday. U.S. President Donald Trump has been boasting that empty supertankers are approaching the Gulf Coast as the conflict in Iran [Read more]
Oilpatch holding off on investment changes despite crude price surge
CALGARY - Canadian oil and gas producers are benefiting from the surge in commodity prices driven by the Middle East war, but they say it's not changing their investment plans in the near-term. The chief executive at oilsands giant Cenovus Energy says it's too early on in the crisis to know what the enduring changes to the market are going to be. Jon McKenzie says his company makes plans based on lower oil prices to ensure it's just as resilient at US$100 a barrel as it is at [Read more]
Middle East conflict shows importance of Canadian energy exports: Scotiabank CEO
TORONTO - The head of Scotiabank says conflict in the Middle East could help boost demand for Canada's energy exports. Speaking at the bank's annual meeting, chief executive Scott Thomson says the conflict has served as a reminder how resources can be used as geopolitical tools and the importance of secure supplies. He says Canada is uniquely positioned as a reliable alternative source, putting a premium on the country's resources. Thomson also says that free trade in North America is [Read more]
Mideast war, pipeline push serve as backdrop to oil and gas investment conference
TORONTO - Leaders of some of Canada's biggest oil and gas producers are discussing the state of their industry with investors at a private conference as the war in the Middle East continues to roil commodity markets. Presentations at the 2026 BMO CAPP Energy Symposium, which kicks off today, are closed to the public and media, but some speakers will be participating in press interviews. The conference is taking place as the war embroiling much of the Middle East halts oil tanker shipments [Read more]
Diesel prices could remain high for months — and hit consumers harder than gas costs
MONTREAL - High diesel prices continue to ripple through the economy and put pressure on consumers even as a shaky ceasefire in the Middle East offers a hint of relief to global commodities. The average wholesale price of diesel remained more than 55 per cent above pre-war levels in recent days, according to Natural Resources Canada data, despite the U.S. announcement of a two-week pause in hostilities with Iran on Tuesday. While diesel prices are expected to ease somewhat following the [Read more]
Competition Bureau obtains court order in investigation into Keyera-Plains deal
GATINEAU - The Competition Bureau says it has obtained a court order to gather information related to Keyera Corp.'s proposed deal to buy the Canadian natural gas liquids business of U.S. firm Plains. The watchdog, which opened a review into the potential merger last June, says it is investigating whether the proposed $5.15-billion transaction would likely result "in a substantial lessening or prevention of competition in the Canadian oil and gas industry." The bureau is also assessing [Read more]
Oil prices drop sharply, but drivers won’t see any relief at the pumps for a few days
CALGARY - The price of crude oil fell sharply after the U.S., Israel and Iran agreed to a ceasefire, but the drop is not being reflected at gas station pumps — yet. West Texas Intermediate crude is trading nearly 18 per cent lower than it was a day earlier at about US$95 per barrel. Price tracking website Gasbuddy.com says the average Canadian price for a litre of regular unleaded gas was actually almost two cents higher than it was a day earlier at about $1.85 per litre. Gasbuddy.com [Read more]
Deloitte sees Canada’s oilpatch as ripe for deals once turmoil blows over
CALGARY - It might be a busy market for mergers and acquisitions in Canada's oilpatch later this year, provided the geopolitical mayhem eases enough for buyers and sellers to find common ground on price, says a partner at consulting firm Deloitte. In a report published Wednesday, Deloitte said deal activity seemed to be on the upswing heading into this year after a decade-long lull. But with the U.S.-Israel war on Iran shaking global oil markets, the outlook now is much more hazy. "It's [Read more]
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