Canada needs a moratorium on new oilsands projects and pipelines, says a group of Canadian and U.S. academics.In a comment article in the prominent science journal Nature, they argue that leaders have to stop considering the industry's development project by project and start thinking about the big picture."Governments have allowed corporations to profit from one-off policy decisions," the academics write in the article. "The collective result of these decisions is unnecessarily high social, [Read more]
Crude oil price steady as investors monitor impact of Iraqi insurgency
The price of oil was steady Tuesday as investors monitored the insurgency in Iraq for any signs it could affect its oil production and exports. Islamic militants have been steadily expanding their grip on the country's north, where they control a broad swath of territory. But the bulk of the country's production and export operations are in the south, which have so far been spared in this month's advance by the al-Qaeda-inspired group. Iraq's daily oil production hit 3.5 million barrels [Read more]
Economists see more good than bad for Canada’s economy as oil prices rise
CALGARY - Economists see more good than bad for Canada's economy as recent tensions in Iraq drive up global crude oil prices. Scotiabank commodity market specialist Patricia Mohr says the increase has a "two-pronged impact," but the benefits should outweigh the drawbacks. "Of course on the positive side, it really bolsters earnings for Western Canada's oil industry, but also the oil industry in Newfoundland and Labrador," she said. That, in turn, brings more tax and royalty revenues to [Read more]
Pipeline protest targets B.C. Tory MPs
NORTH VANCOUVER, B.C. - A group calling itself "Settlers on Stolen Land" padlocked the doors on the constituency offices of two British Columbia Conservative MPs to protest the federal government's approval of the Northern Gateway pipeline.Notices posted at the entries to the offices of Andrew Saxton in Port Moody and James Moore in North Vancouver blame them for allowing the project.The group says the decision fails to respect the sovereignty of indigenous communities.Heavy chains were wrapped [Read more]
Oil drops as fear fades over insurgency’s impact on Iraq’s oilfields
The price of oil fell Tuesday as fears receded that the insurgency roiling Iraq would affect its oil production and exports. Islamic militants have been steadily expanding their grip on the country's north, where they control a broad swath of territory. But the bulk of the country's production and export operations are in the south, which have so far been spared in this month's advance by the al-Qaeda inspired group. Iraq's daily oil production hit 3.5 million barrels this year, up from [Read more]
Qingdao Sinoenergy backs Alberta company’s pitch for liquefied natural gas plant
EDMONTON - A Chinese firm is behind a new Alberta joint-venture company that wants to build a liquefied natural gas plant in the province. Gascana AB Energy Ltd. was recently established by the Qingdao Sinoenergy Corporation of China and Calgary based-Petrox Resources. Petrox said the goal is to build a plant that could produce close to 3,000 tonnes of LNG per day for export. The Edmonton Economic Development Corp. is working with Gascana on the proposal and said the project could [Read more]
Critics ask what’s the rush at pipeline hearings by regulator in Edmonton
EDMONTON - Critics of a proposed pipeline project from the Fort McMurray region to Edmonton want to know why the province's energy regulator seems determined to rush the project's public review."The process is being rushed for the benefit of TransCanada to the detriment of landowners," said lawyer Keith Wilson, who represents businesses and farmers along the route. Hearings opened Monday on the Grand Rapids plan for two new lines half-owned by TransCanada (TSX:TRP) that would have a combined [Read more]
Iraq turmoil threatens oil industry vital to war-battered economy
BAGHDAD - The turmoil in Iraq has thrown the OPEC member's ambitious plans to boost oil production into doubt, threatening to crimp its most vital economic lifeline. Northern oil fields imperiled by the militants' advance have been shut down, and companies have begun evacuating workers elsewhere in the country. Iraq's Kurdish minority has moved to solidify control over the northern oil-rich city of Kirkuk and other disputed areas, weakening Baghdad's claims to the energy riches buried beneath [Read more]
Anti-Shale gas group launches legal action against New Brunswick government
SAINT JOHN, N.B. - A New Brunswick group has launched legal action against the provincial government in an effort to halt shale gas exploration in the province.The New Brunswick Anti-Shale Gas Alliance filed the 18-page statement of claim today with the Court of Queen's Bench in Saint John.The alliance — which includes 22 community organizations — is calling for a moratorium on the development of unconventional shale gas and oil in New Brunswick until scientific studies show it can be done [Read more]
Ottawa panics after Baird demands quick action on Keystone in Washington speech
WASHINGTON - A recent Washington speech in which Foreign Affairs Minister John Baird demanded quick action on the Keystone XL pipeline appears to have prompted considerable anxiety back home in Ottawa. A panicked search for clarity about what the minister had actually said wound up prompting an email chain that involved no fewer than 17 civil servants. The cause of concern was a single line in Baird's speech in which he suggested that even a quick rejection of the project would be better [Read more]
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