EDMONTON - Alberta's energy minister says the current spike in oil prices isn't enough reason to require the industry to spend more on cleaning up the tens of thousands of abandoned oil and gas wells in the province. Sonya Savage says the province's recently adopted plan to fix the problem, which requires industry to spend $422 million next year and slightly more after that, is a fair and balanced approach. She says it takes into account the industry's current troubles and its expected [Read more]

CALGARY - Canadians are being hit with all-time record gasoline prices heading into the Thanksgiving long weekend. Federal government data shows the average national retail price for regular gasoline in Canada hit $1.45 per litre this week. Fuel price consultancy firm Kalibrate, which has data all the way back to 2007, says these prices are record highs. Some markets have seen double-digit week-over-week price increases. Drivers in the Manitoba cities of Brandon and Winnipeg saw the [Read more]

Oil prices jumped Monday after OPEC and allied oil-producing countries stayed with their gradual approach to restoring output slashed during the pandemic, agreeing to add only 400,000 barrels per day in November. The decision Monday by the Vienna-based oil cartel tracks with its established schedule of adding back that amount of oil every month until deep cuts made in 2020 to support prices during the depth of the pandemic recession are restored next year. The situation has changed since [Read more]