CALGARY - For International Motor Cars, a luxury dealership in Calgary, the oilpatch is big business.But as crude prices have shifted into a lower gear, so too has demand for posh rides from energy industry customers, said general sales manager David Baker.Baker figures the dealership has sold 30 per cent fewer cars this year compared to 2013."I believe it's in direct correlation to the oilpatch," he said.Crude for January delivery fell to around US$66 on Friday — down more than a third since [Read more]
Oil prices tank to 4-year low
LONDON (AP) — Oil companies saw their shares take a beating Thursday as crude prices slid to their lowest in over four years in the wake of OPEC's decision to maintain production levels even though prices have fallen sharply in recent weeks. With U.S. markets closed for Thanksgiving, investors around the world were taking their cue from developments in Vienna, Austria, where the OPEC oil cartel was meeting. The oil ministers opted to keep their production target at 30 million barrels a [Read more]
Kinder Morgan lawyer raises doubts about arrests at B.C. anti-pipeline protests
VANCOUVER - A judge threw out civil contempt charges Thursday against dozens of activists who have been arrested while demonstrating against a pipeline project on a mountain near Vancouver.The ruling came a week after the RCMP began rounding up protesters on Burnaby Mountain, where Kinder Morgan is conducting drilling work related to its proposed Trans Mountain pipeline expansion.More than 100 people were arrested, nearly all of whom faced civil contempt proceedings for violating a court [Read more]
OPEC oil ministers decide to keep present output target of 30 million barrels a day
VIENNA (AP) — OPEC oil ministers decided Thursday to keep their production target at 30 million barrels a day, despite an oversupply of crude and plunging prices. The global price of crude oil fell after the announcement, trading down $2.85 at $74.90 a barrel. As recently as June it was around $115. The decision in Vienna was mostly expected — OPEC oil power Saudi Arabia had indicated before the meeting that it favors the status-quo. The Saudis are the top producers within the 12-nation [Read more]
Saskatchewan government says budget still balanced despite sinking oil prices
REGINA - Saskatchewan's finance minister says the province is still projecting a budget in the black for 2014-15 because higher oil prices earlier this year offset a recent slide that has seen them hit four-year lows.Finance Minister Ken Krawetz is projecting a $70.9 million surplus — down slightly from his prediction in the spring of $71.4 million."We had a very good first six months. The average oil price was over $100 a barrel. It is going to be lower. We know that already," Krawetz said as [Read more]
OPEC unlikely to cut output amid oil glut, price plunge
VIENNA - Facing few options to reverse plunging oil prices, OPEC oil ministers decided Thursday to keep their production target on hold, a move that is likely to push the market even lower at a time of already high supply.Oil prices fell sharply on the news. Even though the decision was largely expected, it showed the once-powerful cartel is losing the power to push up markets to its own advantage.Some experts said the move was an effort by OPEC to allow prices to fall further — even at the cost [Read more]
Saskatchewan premier continues to call for support of Energy East pipeline
REGINA - Saskatchewan's legislature passed a motion Wednesday calling for the removal of what Premier Brad Wall calls unnecessary barriers to the Energy East pipeline project."We just wanted to make the point in the legislature that this is Canadian oil replacing foreign oil," he said. "Even though we are one of the most prolific producers of oil in the world, parts of our country import oil from Iraq, Algeria, Saudi Arabia, Venezuela, the United States. This doesn't make a lot of sense."The [Read more]
Saudi Oil Minister Naimi suggests OPEC does not need to cut output in effort to drive up price
VIENNA - Top OPEC producer Saudi Arabia suggested Wednesday there is no need for the cartel to cut its output ceiling despite a plunge in prices that has poorer members of the organization hurting.Saudi Oil Minister Ali Naimi told reporters he expects the oil market to eventually "stabilize itself." That suggests the Saudis, who effectively determine OPEC's production policy, will not back any calls for reducing output by other nations at Thursday's oil ministers' meeting.The global price of oil [Read more]
TransCanada cuts ties with U.S. public relations firm over campaign concerns
A Canadian pipeline company will no longer work with a controversial U.S. public relations firm on the Energy East proposal after leaked documents raised concerns about suggested tactics. TransCanada (TSX:TRP) has cut ties with the multinational firm Edelman on the campaign to build support for a plan to bring Alberta's oilsands crude to eastern refineries after it recommended secretly using third parties to attack the pipeline's opponents.The tactics were contained in documents leaked to the [Read more]
B.C. government gives environmental green light to three LNG projects
VICTORIA - Three proposed multibillion-dollar liquefied natural gas projects in northern B.C. have been awarded the environmental green light by the provincial government.The ministries of Environment and Natural Gas Development now have environmental assessment certificates for two pipelines and one export facility.The Westcoast Connector Gas Transmission pipeline and the Prince Rupert Gas Transmission pipeline would start near Fort St. John and Hudson's Hope, respectively, and end hundreds of [Read more]
- « Previous Page
- 1
- …
- 439
- 440
- 441
- 442
- 443
- …
- 542
- Next Page »