LONDON - Oil prices slumped to multi-year lows on Tuesday after Saudi Arabia cut the price of oil sold to the U.S., a move that is shaking an already volatile market but will likely give the world economy an unexpected stimulus.The 25 per cent or so slide in oil prices since the summer could boost consumer spending and business investment in many economies around the world as fuel bills fall.But not everyone's a winner. Oil producing countries like Russia and Venezuela, which have high [Read more]

LONDON — Oil prices sank to four-year lows on Tuesday following reports Saudi Arabia, OPEC’s largest oil producer, is cutting its prices for customers in the U.S. By early afternoon London time, a barrel of benchmark crude was down $2.07, or 2.6 percent, at $76.79, its lowest level since September 2010. Meanwhile, Brent crude, the international benchmark, was down $2.14, or 2.5 percent, at $82.63 a barrel, its lowest level since October 2010. The market was shaken by news that Saudi Arabia [Read more]

VANCOUVER - Alberta Premier Jim Prentice and British Columbia's Christy Clark have promised warmer relations after Clark's "frosty" dealings with former premier Alison Redford.Prentice's visit to B.C. on Monday was his first trip outside Alberta after being sworn in as premier Sept. 15.When asked by reporters if they had moved on from the rancour that was visible with Redford, Clark did not respond directly but instead praised Prentice."There hasn't been a premier in Alberta's history who has [Read more]

VICTORIA - British Columbia's auditor general says doing business with the oil-and-gas industry has cost the province's coffers about $1.25 billion in royalties even before most of the product has been pulled from the ground.The incentives to be paid to the industry were just some of the items highlighted Thursday by auditor general Carol Bellringer in her 2013-2014 summary of B.C.'s financial statements.Bellringer also noted how much money the government made from selling its assets, how much [Read more]