BOE Report

ATB Financial forecasts Alberta economic slowdown due to soft energy prices

EDMONTON - The chief economist of Alberta's Crown-owned bank says weak oil and natural gas prices will slow economic growth in the province this year.Todd Hirsch of ATB Financial says that is likely to mean a loss of jobs, less investment in the energy sector and a modest decrease in housing starts.Immigration is also expected to decrease compared with 2014.Hirsch is forecasting that economic growth this year in Alberta will fall by about one-half to two per cent.He cautions that swings in oil [Read more]

Quebec energy board supports TransCanada’s Energy East plan, calling it “desirable”

MONTREAL - Quebec's energy regulator came out in favour of the Energy East pipeline on Wednesday, calling the TransCanada Corp. project "desirable."The Calgary-based company is aiming to link up to 1.1 million barrels a day of Alberta crude to export terminals and refineries in Quebec and New Brunswick through the $12-billion pipeline.For about two-thirds of the way, an existing segment of cross-Canada natural gas pipe would be converted to oil service, with new pipe to be built through Quebec [Read more]

New Brunswickers divided on development of shale gas, poll suggests

FREDERICTON - A recent poll suggests that New Brunswickers are almost evenly divided on the issue of the development of a shale gas industry in the province.The poll says 41 per cent of residents who were surveyed completely or mostly support shale gas exploration and development while 45 per cent completely or mostly oppose it.The poll of 400 people was conducted between Nov. 6 and Nov. 26, more than three weeks before the province's Liberal government introduced legislation to implement a [Read more]

White House says Obama will veto Keystone pipeline

WASHINGTON (AP) — The White House on Tuesday threatened to veto the first piece of legislation introduced in the Republican-controlled Senate, a bill approving the much-delayed Keystone XL oil pipeline, in what was expected to be the first of many confrontations over energy and environmental policy. Hours after supporters of the bipartisan bill, which is sponsored by all 54 Senate Republicans and six Democrats, announced its introduction, the White House said for the first time that President [Read more]

Premier Brad Wall ‘disappointed’ by possible White House veto of Keystone bill

REGINA - Saskatchewan's premier says he's disappointed that legislation to approve construction of the Keystone XL oil pipeline may be vetoed by U.S. President Barack Obama.White House press secretary Josh Earnest says he does not expect Obama would sign any Keystone legislation that reaches his desk.Brad Wall says he's not surprised by that position, but still touts his support for the project.Calgary-based TransCanada has been waiting more than six years for approval of the pipeline, which [Read more]

Alberta Premier Jim Prentice to lobby Washington about Keystone XL pipeline

EDMONTON - Alberta's premier remains hopeful about the Keystone XL pipeline despite word that U.S. President Barack Obama may veto the project.Jim Prentice says there is broad public and political support in the United States for the pipeline that would carry Alberta bitumen to the U.S. Gulf Coast.Prentice says he will travel to Washington within the next month to let people know that Keystone is in the best interests of Canadians and Americans alike.He says he will also promote the [Read more]

B.C. regulations make natural gas pipelines oil and bitumen-free

VICTORIA - A proposed network of pipelines from natural gas fields in British Columbia's northeast to liquefied natural gas export plants in the northwest will not be permitted to pump oil and diluted bitumen, the provincial government says.The Natural Gas Development Ministry said a new regulation prohibits the B.C. Oil and Gas Commission from allowing any conversion of a natural gas pipeline supplying an LNG facility.But the Opposition New Democrats said the regulation is not tough [Read more]

First bill in Republican-controlled US Senate seeks to approve Keystone pipeline

WASHINGTON - It took less than a day to dent the hopes of Canadian oilsands proponents that a new, Republican-dominated U.S. Congress might finally carry their coveted Keystone XL pipeline project to completion.The plan slammed into a familiar obstacle: the White House.A bill that would force the project to go ahead was introduced by the new Republican majority as the 2015-16 Congress took office Tuesday and, immediately, U.S. President Barack Obama signalled his plan to veto it."I can confirm [Read more]

White House lets suspense linger as KXL pipeline saga reaches critical chapter

WASHINGTON - As the long-running saga over the Keystone XL pipeline enters a critical phase, U.S. President Barack Obama is allowing suspense to linger for at least a few more days.A spokesman wouldn't reveal the president's intentions Monday as the new Republican-dominated Congress prepared legislation that would force construction of the pipeline from Canada."I'm going to reserve judgment ... until we actually see what language is included in that specific piece of legislation," said Obama [Read more]

Markets plunge as oil dips below $50

NEW YORK (AP) — After six months of falling oil prices, investors are starting to worry that the prolonged slump is signaling a weaker global economy. That fear shook financial markets Monday as oil plunged again, dipping below $50 for the first time in more than five years. The drop prompted a big sell-off, not just among energy stocks, but across the entire stock market. Stocks had already endured a weak open because of concerns that Greece could exit the euro, adding to worries about [Read more]