EDMONTON - New research is raising concern about tens of thousands of dormant Alberta oil wells that don't meet even minimum safety standards.The Alberta Energy Regulator has begun a program that it says will result in all wells meeting those minimums within five years.But critics say those standards amount to little more than a locked gate and a few signs. They want firm timelines to force companies to clean up old well sites — some of which have been sitting unused for decades — before the [Read more]

CALGARY - Alberta Premier Jim Prentice says there are no simple solutions for the revenue shortfall that will be coming from plummeting oil prices and Albertans will feel the consequences.Prentice told the Calgary Chamber of Commerce on Friday that he expects the price of a barrel of oil to be between US$65 and US$75 for the rest of the year. It closed at US$66.15 a barrel on Friday — down about 10 per cent since Wednesday's close.He said the government is going to have to find a way to cope [Read more]

A renewed plunge in oil prices is a worrying sign of weakness in the global economy that could shake governments dependent on oil revenues. Yet it is also a bonus for consumers as prices fall at the pump, giving individuals more spending money and lowering costs for many businesses.The latest slide follows OPEC's decision to leave its production target at 30 million barrels a day. Member nations of the cartel are worried they'll lose market share if they lower production.Partly because of the [Read more]

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]

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]

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]