CALGARY - Enbridge Inc. is further expanding its reach into the U.S. market with a US$2.55-billion deal to buy the crude oil business of Tallgrass Energy LP. The acquisition includes a 75 per cent interest in the Pony Express Pipeline, a 460,000-barrel-per-day system that connects oil from the Rockies region to Cushing, Okla., a major storage hub. It also gets Enbridge a 51 per cent interest in the Powder River Gateway system, about 8.4 million barrels of storage capacity across nine [Read more]
Canadian pump prices creep higher as Mideast fighting escalates
CALGARY - Fuel prices tend to ease off around this time of year, but one industry expert says drivers should expect no such relief this time. The high-demand summer driving season winds down after Labour Day and refineries will soon switch to producing cheaper winter fuels. But international crude oil prices have surged above US$100 a barrel as fighting once again escalates in the Strait of Hormuz, a vital shipping route out of the Persian Gulf. Price-tracking website Gasbuddy.com says [Read more]
Enbridge CEO Greg Ebel to retire at end of year, Michele Harradence named next CEO
CALGARY - Enbridge Inc. says chief executive Greg Ebel will retire at the end of this year and be succeeded by Michele Harradence, who currently leads the company's gas utilities business. Harradence, Enbridge's executive vice-president and president of gas distribution and storage, will become chief executive effective Jan. 1. The company says Ebel will serve as an adviser to the board and Harradence from January until May 2027. Harradence has led Enbridge's gas utilities since 2022 and [Read more]
Tamarack Valley Energy and Headwater Exploration sign merger deal
CALGARY - Tamarack Valley Energy Ltd. and Headwater Exploration Inc. have signed a merger deal valued at $10 billion that they say will bring together their operations in the Clearwater region in Alberta. Under the proposed transaction, Headwater shareholders will receive one share of Tamarack for each Headwater common share they hold. Tamarack shareholders will own 66.5 per cent of the combined company, while Headwater shareholders will own 33.5 per cent. Tamarack shares closed at [Read more]
Federal Tories launch ‘Conservatives for Canada’ campaign ahead of Alberta referendum
OTTAWA - The federal Conservatives have launched a campaign to engage their supporters and encourage them to vote to stay in Canada in the upcoming Alberta referendum. Albertans are set to vote on Oct. 19 on whether they want to remain a province or begin the legal process to hold a binding referendum on leaving the country. In a speech he delivered in Calgary this summer, Conservative Leader Pierre Poilievre called for Albertans to stay united and argued that separatists have a problem [Read more]
Construction begins on major B.C. transmission line aimed at powering northwest
PRINCE GEORGE - Construction is underway on a major electricity transmission project in British Columbia's north, a project the federal and provincial governments say will contribute nearly $10 billion a year to B.C.’s economy. The North Coast Transmission Line expansion will link Prince George to Terrace near the North Coast, and is expected to more than double electricity supply to the coast. The project, which was referred to the federal Major Projects Office in November 2025 for [Read more]
Bank of Canada holds key rate as it prioritizes ‘multiple risks in play’
OTTAWA - The Bank of Canada stuck to the sidelines Wednesday as governor Tiff Macklem suggested the re-escalating trade war with the United States is not the only risk monetary policymakers are monitoring. The central bank left its policy rate unchanged at 2.25 per cent for a seventh consecutive decision. The move was widely expected by economists. The bank has been watching to see whether cost pressures from the war in Iran could spread into other pockets of the consumer [Read more]
Ottawa to announce extension of gas tax holiday beyond Labour Day
OTTAWA - Finance Minister FranÇois-Philippe Champagne is expected to announce an extension of the gas tax holiday at a press conference in Ottawa on Wednesday. The Liberals temporarily suspended the federal 10-cent-per-litre excise tax on gas in April when the United States' war on Iran caused global fuel prices to spike. Gas prices are rising again as the conflict between the U.S. and Iran intensifies and as the Strait of Hormuz remains a supply line choke point. The excise tax [Read more]
B.C. government confirms errors worth $1.46B in gas revenue forecasts
Errors including botched currency conversions led the British Columbia government to overstate its forecasted natural gas revenues by about $1.46 billion over five fiscal years, officials confirmed on Tuesday. Senior staff with the ministries of energy and finance told a technical briefing the administrative errors had been independently verified and corrections would be included in the province's quarterly fiscal report expected later this month. The briefing heard the impact on B.C.'s [Read more]
TSX down nearly 450 points as oil prices rise, U.S. stock markets also lower
TORONTO - Canada’s main stock index fell nearly 450 points, while U.S. markets were also negative and oil prices rose amid more U.S. military strikes on Iran. The U.S. military hit targets in Iran on Tuesday after it said Tehran tried to attack commercial ships and American forces in the Middle East, as hostilities flare once again in an intermittent war that has lasted more than six months. The U.S. strikes, and others on Sunday, abruptly ended a month without military action and threaten to [Read more]