TORONTO - Scotiabank's commodity price index edged down by 0.3 per cent on a month-over-month basis in July due to lower oil prices as supply concerns about Libya and Iraq eased.The oil and gas sub-index was down 3.9 per cent month-over-month in July.However, Scotiabank commodity market specialist Patricia Mohr says while traders have bid down near-term oil prices, current geopolitical developments will reduce supply over the long term.Mohr noted that the December 2019 oil futures contract is up [Read more]
Vancouver to take Trans Mountain pipeline challenge to Federal Court
VANCOUVER - The city of Vancouver is going to court to try and have global climate change considered in Kinder Morgan's Trans Mountain pipeline proposal.The city will ask the Federal Court of Appeal on Friday for a judicial review of the National Energy Board process for the project.Vancouver officials already asked the board to take climate change into account but the regulator decided in July it would not.Now the city wants the court to decide, said Sadhu Johnston, deputy city manager."What [Read more]
Kinder Morgan doesn’t need permission to study Burnaby Mountain route: NEB
VANCOUVER - The National Energy Board has sided with Kinder Morgan in a dispute with the City of Burnaby over access to Burnaby Mountain.The company can proceed with necessary studies of its preferred pipeline route through the mountain without the city's consent.In a decision released Tuesday, the National Energy Board confirmed that under federal legislation the company doesn't need permission to access the land that is home to Simon Fraser University and a vast nature preserve."It would not [Read more]
Trudeau blasts Harper for bungling pipelines needed by Alberta, PM’s home turf
EDMONTON - Justin Trudeau moseyed into Harper country Tuesday and accused the prime minister of being "all hat and no cattle" when it comes to pipelines.The Liberal leader and his three dozen MPs were in the capital of Alberta, Prime Minister Stephen Harper's home province, to plot strategy for the coming pre-election year.The Liberals have high hopes of making a breakthrough in Alberta, long a rock-solid Conservative fortress, in the 2015 election. The province has been a wasteland for Liberals [Read more]
CEO of bankrupt Kentucky oil company sentenced to nearly 3 years in prison, scammed investors
LOUISVILLE, Ky. - The CEO of a bankrupt southern Kentucky oil company has been sentenced to nearly three years in prison for scamming investors into giving him money for three oil partnerships in Kentucky and Tennessee.Young Oil Corp. executive Anthony L. Young of Knob Lick pleaded guilty in March to defrauding investors in both states.Young acknowledged that from November 2007 through December 2008, he fraudulently solicited investments through his company and took the majority of the money for [Read more]
Bellatrix target of activist investor Orange Partners
CALGARY - Oil and gas developer Bellatrix Exploration Ltd. (TSX:BXE) has become the target of a U.S. activist investor.In a regulatory filing Tuesday, New York-based Orange Capital LLC disclosed it has bought a 5.3 per cent stake in Bellatrix, which has land throughout Western Canada but is mainly focused on west-central Alberta.The hedge fund said it plans to talk to the management of Calgary-based Bellatrix about ways to "maximize shareholder value."That could include hiring an outside adviser [Read more]
Willie Nelson, Neil Young to headline anti-Keystone XL oil pipeline concert in US field
NELIGH, Neb. - Willie Nelson and Neil Young will headline a concert next month in a Nebraska cornfield organized by opponents of a proposed pipeline that would carry oil from Canada south to the Gulf Coast.Bold Nebraska said Monday the concert will be held Sept. 27 on a farm near Neligh in northeast Nebraska. Tickets go on sale Wednesday.Earlier this year, protesters carved an anti-pipeline message into the cornfield, which is in the path of TransCanada's proposed Keystone XL pipeline.Pipeline [Read more]
For highest salary increases in Canada, look to the oilpatch: Mercer survey
CALGARY - For the biggest pay hikes in Canada, look no further than the oilpatch.The energy sector continues to lead the country in both actual and projected salary increases, according to survey released Monday by global consulting firm Mercer.The average base salary increase across the country is expected to be three per cent next year, the same as in 2014.But in the energy sector, the pay bump is forecast at 3.7 per cent in 2015 after an actual 3.9 per cent increase this year.Mercer has [Read more]
Feds worried about another ‘Idle No More’ after N.B. fracking protest: documents
MONTREAL - Federal officials closely tracked the fallout of an RCMP raid on a First Nations protest against shale-gas exploration in New Brunswick, at one point raising concerns it could spawn another countrywide movement like Idle No More.Documents obtained under access-to-information legislation reveal a lengthy email chain last fall monitoring events related to a blockade near Rexton, N.B., about 70 kilometres north of Moncton.Members of the Elsipogtog First Nation, who were concerned about [Read more]
Newfoundland and Labrador announces independent review into fracking
ST. JOHN'S, N.L. - Newfoundland and Labrador is launching an external review into hydraulic fracturing after the results of an internal government analysis came back inconclusive.Natural Resources Minister Derrick Dalley says the information gathered through the internal review isn't enough to make a final decision about fracking in the province.Dalley says an independent panel of experts will now be tasked with examining the issue, specifically the industry's potential impact in western [Read more]
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