CARACAS, Venezuela - Venezuela's socialist government has confirmed that the economy fell into a deep recession this year but blamed the slump on opponents trying to sabotage activity in the oil-rich nation.The central bank said gross domestic product contracted more than 4.8 per cent on an annual basis in the first two quarters of the year and 2.3 per cent in the July-September period. Inflation reached 64 per cent in November.The report was no surprise to economists, who blame the government's [Read more]

STOUGHTON, Sask. - An oil rig worker has been fined $2,030 after causing a coworker to be seriously hurt near Stoughton, Sask.A worker was seriously injured on Jan. 12, 2013, when he was pinned between pieces of pipe being put onto a loader.Donovan Belisle has pleaded guilty to violating Occupational Health and Safety rules, specifically operating a vehicle at a place of work, not having a clear view of where he was driving and proceeding before he knew it was safe.He was fined $1,450 with a [Read more]

Saudi Arabia's Cabinet on Thursday endorsed a 2015 budget that projects a slight increase in spending and a significant drop in revenues due to sliding oil prices, resulting in a nearly $39 billion deficit. In a sign of mounting financial pressure, the Finance Ministry said the government would try to cut back on salaries, wages and allowances, which "contribute to about 50 percent of total budgeted expenditures." That could stir resentment among the kingdom's youth, who make up a majority of [Read more]

NEW YORK - Natural gas, the nation's most prevalent heating fuel, is getting cheaper just as winter is arriving because of mild temperatures and plentiful supplies.The price of natural gas has dropped 29 per cent in a month, to $3.17 per 1,000 cubic feet on Tuesday from nearly $4.50 in late November. That's a steep drop even for a fuel notorious for volatile price swings.The lower prices are expected to linger and could reduce electricity prices and heating bills in the coming months. Natural [Read more]

CALGARY - Stephen Harper held a private meeting Sunday with Alberta Premier Jim Prentice in Calgary.Only a few broad details about the session were disclosed in a short news release from the Prime Minister's Office.It stated the two leaders focused on "the provincial, federal and global economies and on working together to keep Canada's energy sector strong through challenging times."The release said they also agreed that "all levels of government must continue to take steps to reduce greenhouse [Read more]