The price of oil declined Thursday after official figures showed U.S. crude production at a 28-year high. Benchmark U.S. crude for June delivery was down 42 cents to $101.95 a barrel at 3:40 a.m. ET on the New York Mercantile Exchange. The contract rose 67 cents Wednesday to close at $102.37. The U.S. Energy Information Administration said Wednesday that domestic crude production reached 8.428 million barrels during the week ended May 9. That was the highest level since October [Read more]
Pipeline firms to pay all costs, damages in new spill safety rules
VANCOUVER - Pipeline companies will be liable for all costs and damages from a spill, regardless of fault or negligence, under changes to the federal pipeline regime.Natural Resources Minister Greg Rickford says pipeline operators will also have to have a minimum amount of cash available to pay cleanup costs and the National Energy board will be given the power to order reimbursement for those affected by a spill.They are the latest in a number of changes to marine and pipeline safety as British [Read more]
Alberta won’t attend World Petroleum Congress in Russia over Ukraine crisis
EDMONTON - Alberta is pulling out of next month's World Petroleum Congress in Moscow to protest Russia's actions in Ukraine."The message we're sending to the Ukraine is one of continued support, and to Russia one of concern about the intervention that they've taken and the escalating tensions that they're creating," Premier Dave Hancock told reporters Wednesday.He said he had not heard back from the Russians, as the withdrawal announcement had just gone out.Hancock said he's not worried about [Read more]
Oil gains on reports U.S. may lift export ban; traders await supply data
The price of U.S. oil rose Wednesday following reports that Washington is studying whether to lift a longstanding ban on crude oil exports.Benchmark U.S. crude for June delivery was up 33 cents to US$102.03 a barrel at 1:50 a.m. ET on the New York Mercantile Exchange. On Tuesday, it jumped $1.11 to $101.70 a barrel, its highest close since April 24.Department of Energy Secretary Ernest Moniz told reporters in Seoul, South Korea that the government was reviewing the issue of crude oil exports, [Read more]
With pipeline decision looming, Ottawa tweaks tanker safety rules
VANCOUVER - With a decision expected next month on the contentious Northern Gateway pipeline through British Columbia, the federal government announced new measures Tuesday to strengthen its oil-spill response regime and placate a reluctant public.Those changes include removing a $161-million cap on payouts from a national oil spill compensation fund and making the entire $400-million fund available to cover the costs of a marine spill."With these changes, Canada will have the most robust and [Read more]
BP shoots seismic off Nova Scotia; aims for exploration well in 2017: president
HALIFAX - BP Canada is aiming to have an exploration well in deep waters off the coast of Nova Scotia by 2017 if offshore seismic work goes well, the company's president said Tuesday.Stephen Willis spoke after touring a seismic vessel in Halifax that is preparing to steam to the company's holdings about 300 kilometres southeast of the city on the Scotian shelf.The effort is part of a $1-billion exploration commitment BP has made in the province as the firm searches for hydrocarbons in its [Read more]
Sweetheart offers to Nebraska landowners now expired, says TransCanada
WASHINGTON - The company behind the Keystone XL pipeline has a message for Nebraska landowners resisting the project: the sweet financial offers are going, going, gone. TransCanada Corp. says today is the deadline for holdout landowners to sign easement deals allowing the pipeline onto their property — and any deals they make in the future will be less generous. That announcement comes as the pipeline battle enters a new phase. Until now, offers to landowners have been skyrocketing, but [Read more]
Encana CEO says Deep Panuke “rocked” in Q1, not shopping platform around
CALGARY - Encana Corp. says it's not actively shopping around its Deep Panuke natural gas project in Nova Scotia — an asset CEO Doug Suttles said "rocked" during the first quarter.After repeated delays, the platform finally started producing gas in December — just in time for unusually frigid temperatures to drive up demand in the northeastern United States for the home-heating fuel.However, the offshore platform, 250 kilometres southeast of Halifax, is not among the half dozen core areas where [Read more]
Canada changing tanker regulations, stops short of unlimited polluter liability
SAINT JOHN, N.B. - The federal government says it is aiming to make polluters pay as it makes changes to legislation and regulations on oil tanker safety.But under proposed changes announced today by Transport Minister Lisa Raitt in Saint John, N.B., Ottawa stops short of following a recommendation from an expert panel to remove the current $161-million liability limit for a spill in favour of unlimited liability for polluters.The report on tanker safety done last year by a three-member panel of [Read more]
Big energy-savings bill headed for defeat, dragged down by dispute over Keystone XL pipeline
WASHINGTON - A widely popular, bipartisan energy savings bill is falling victim to election-year politics and the Obama administration's continued indecision on the Keystone XL oil pipeline. The legislation would tighten efficiency guidelines for new federal buildings and provide tax incentives to make homes and commercial buildings more efficient. It easily cleared a procedural hurdle last week but is stalling now after Republican demand for votes on the Canada-to-Texas pipeline and on new [Read more]
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