CALGARY - While the crash in oil prices idles drilling rigs and empties out downtown Calgary offices, Steven Low's company can barely keep up with the deluge of work.Low is CEO of Consolidated Recovery Group, an agency in Western Canada that works with lenders and the courts to recover bad debts — by repossessing a car or carrying out an eviction, for example.It's been a busy year for the company and the work has only picked up as the crude doldrums linger, squeezing the finances of the many [Read more]
Newfoundland and Labrador’s fiscal outlook dims as oil prices, production drops
ST. JOHN'S, N.L. - Newfoundland and Labrador's fiscal forecast took a dramatic turn for the worse Tuesday amid slumping oil prices and declining offshore production.Premier Dwight Ball told a decidedly downbeat news conference his resource-dependent province will be taking immediate steps to deal with a ballooning deficit, which is expected to grow to $1.96 billion in 2015-16 — an increase of 79 per cent from the original budget prediction."We are not providing this outlook to cause upset and [Read more]
No short term fix for Alberta job losses: federal employment minister
CALGARY - Canada's employment minister says there is no short-term fix for Alberta's growing unemployment rate.MaryAnn Mihychuk met with Calgary business, municipal and economic leaders Monday to address economic difficulties facing the province.She said there's no magic wand the federal government can wave to undo the impact of low oil prices, which have led to 40,000 job losses in the energy sector."We understand the crisis here in Alberta. It's not only here. This is the most dramatic, but [Read more]
Alberta’s finance minister says low oil may delay programs, initiatives
EDMONTON - Alberta's finance minister says low oil prices may force him to hit the brakes on millions of dollars in initiatives promised by the NDP government such as child-care benefits, school fee reductions, student hiring and environmental retrofits.Joe Ceci said in a year-end interview that some or all of a dozen programs set to begin in the 2016-17 fiscal year may be delayed."We've addressed a lot of (our commitments). We've done a lot of them," Ceci told The Canadian Press. "The ones that [Read more]
Protest at valve site disrupts operations on Line 9 pipeline in Sarnia
SARNIA, Ont. - Enbridge Inc.'s Line 9 pipeline was offline for about 90 minutes on Monday morning after three activists concerned about the line's environmental impacts locked themselves to a valve site on the outskirts of Sarnia, Ont.The line, which runs from southwestern Ontario to Montreal, is back in service and crude deliveries have not been affected, said company spokesman Graham White.Lindsay Gray, speaking on behalf of the trio of "land defenders" who staged the protest, said it was [Read more]
Oil price collapse named Business Story of the Year for second year in a row
CALGARY - The price of oil — and its far-reaching impact on the Canadian economy — has once again been voted The Canadian Press Business Story of the Year.Editors and news directors across the country chose the crude collapse in a landslide with 24 votes. It's the second year in a row that story got top billing in the annual survey."Was there any Canadian business story this year that wasn't, in part, driven by tumbling oil prices?" asked Nicole MacAdam, senior editor at the Financial Post."From [Read more]
Kinder Morgan presses on with review process while waiting on word from Ottawa
CALGARY - Kinder Morgan gave its final arguments for the proposed Trans Mountain pipeline expansion Thursday but still doesn't know what changes are in store from the new federal government.Ian Anderson, president of Kinder Morgan Canada, said in a conference call he appreciates that federal ministers have given reassurance that projects won't go back to square one in the National Energy Board review, but he is still waiting to hear details of any potential changes to the process."They've said [Read more]
Return to East Coast from oilpatch a struggle for some, fresh start for others
TRURO, N.S. - As the days go by with no phone calls offering work in the Alberta oilpatch, Jared Park worries about how he'll pay for his son's leukemia medicine."It's a struggle. You don't know when or if you're going to make it back to work. You just hope you get that call," said Park as five-year-old Mason wriggled and bounced on the sofa in his tidy Truro, N.S., bungalow."For Mason, it's important because part of our drug plan covers the medicine for his chemotherapy." The 30-year-old father [Read more]
Experts see more good than bad for Canada’s oilpatch if U.S. oil export ban ends
CALGARY - Experts see more good news than bad for Canada's energy industry if the U.S. lifts its decades-old ban on oil exports.The ban came into force when oil shortages were commonplace 40 years ago — a stark contrast to today's U.S. glut, thanks to fracking in shale formations in Texas and North Dakota.Congressional leaders have reached a deal on a massive spending bill that includes allowing the sale of U.S. crude in the global market.Skip York, a vice-president at consulting firm Wood [Read more]
Shale gas producers slash 2016 spending but plan increased production
CALGARY - Shale gas producers in Western Canada are responding to plunging natural gas prices by slashing their 2016 budgets.NuVista Energy Ltd. has cut its budget in half, while Encana Corp. and Painted Pony Petroleum Ltd. have cut their budgets by 25 per cent as natural gas prices sink to some of the lowest levels of the past decade."Companies are becoming quite challenged into the next year in terms of investment and how much money they're going to be able to put into the ground just because [Read more]
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