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]
Feds looking at how to ‘cushion the blow’ as gas prices rise amid Iran war: Carney
OTTAWA - Prime Minister Mark Carney says the federal government is looking at how to support Canadians as oil prices rise amid the ongoing war in the Middle East. Oil prices have surged since the U.S. and Israel attacked Iran on Feb. 28, averaging more than $1.80 per litre across Canada today, compared with about $1.32 a year ago. Carney says his government wants to help "cushion the blow" for Canadians. The conflict has cut off flows of crude through the critical Strait of Hormuz and [Read more]
Conservatives call for lower gas tax and cuts to ‘wasteful spending’ to pay for it
OTTAWA - The Conservative Party of Canada is calling on Ottawa to drop the federal tax on gas and diesel fuel for the rest of the year. Conservative Leader Pierre Poilievre said Thursday that lifting the Fuel Excise Tax, Clean Fuel Standard and GST surcharges from gas and diesel would save about 25 cents a litre. Poilievre estimated the resulting reduction in tax revenue at $5.25 billion. The party said it would permanently eliminate the Clean Fuel Standard after 2026. Poilievre said [Read more]
Oil shock manageable but prices reflect assumption that conflict will end soon: BMO
TORONTO - Experts at BMO say that as dramatic as the swing in energy prices has been, the global economy should be able to manage through current levels. Chief economist Doug Porter says Canada has just seen the largest monthly gasoline price hike on record but that oil prices, when adjusted for inflation, are around where they largely hovered between 2005 and 2015. Speaking at an online seminar put on by the bank, he said the speed of change is certainly a shock to the system, but that [Read more]
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