BOE Report

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]

Low oil prices unlikely to hurt railroads much

OMAHA, Neb. — The stunning collapse in oil prices over the past several months won’t derail the railroads’ profit engine even if it does slow the tremendous growth in crude shipments seen in recent years. Carloads of crude oil spiked well over 4000 percent between 2008 and last year — from 9,500 carloads to 435,560 — as production boomed and the cost for a barrel of oil soared into the triple digits. Those prices have tumbled severely, to just above $50 per barrel Friday, and that has [Read more]

Venezuela confirms oil-rich economy struggling to emerge from deep recession

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]

Dramatic plunge in crude prices named top business story of the year

CALGARY - From Alberta oilfields to Bay Street boardrooms to the gas station on the corner, the precipitous drop in crude prices is expected to have far-reaching impacts across the country heading into 2015, making it The Canadian Press Business News Story of the Year.The abrupt turnaround in oil markets was chosen by half of the 50 editors and news directors across the country who participated in the annual survey.In explaining their pick, many respondents noted the story's ripple effects [Read more]

Saskatchewan oil rig worker fined after co-worker injured on the job

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]

Saudis running $39 billion deficit due to low oil prices

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]