OTTAWA - The head of safety for CN Rail says the railway industry wants to phase out older model tank cars that have been implicated in several recent accidents.But the consensus at a forum on rail safety in Ottawa was that there's no quick fix for a decades-old problem that has almost 80,000 sub-standard tank cars carrying flammable liquids on North American tracks — and that the cost will eventually be borne by consumers.A derailment and fire involving a CN train in northwestern New Brunswick [Read more]
Neil Young calls oilsands development “greediest, most destructive, disrespectful” (video)
TORONTO — Singer Neil Young has launched a blistering attack on the Harper government and Alberta’s oilsands, calling the development "the greediest, most destructive, disrespectful demonstration". Young told a news conference on Sunday as far as the governing Conservatives are concerned, “money is number one, integrity isn’t even on the map.” The news conference was to kick off the first of four concerts aimed at raising support for an Alberta First Nations that is fighting development of [Read more]
Oil falls to near $92 after Friday’s surge
Oil prices fell Monday after a big jump in the previous trading session that was sparked by expectations the Fed might delay stimulus reduction.Benchmark U.S. oil for February delivery was down 36 cents to US$92.36 a barrel at 3: 25 a.m. ET in electronic trading on the New York Mercantile Exchange. The contract surged $1.06 to settle at $92.72 a barrel on Friday.The U.S. added just 74,000 thousand jobs in December, way below market expectations of 196,000 jobs. The unemployment rate fell from [Read more]
Calgary seismic firm alleges intellectual property rights to data violated
CALGARY - A Calgary-based seismic company claims its business is being undercut by regulatory agencies that have been publicly disclosing data it says it spent hundreds of millions of dollars to collect in Canada's offshore. Geophysical Service Inc. makes — or rather made — its money by mapping the earth's layers beneath the ocean floor using sonogram-like technology, amassing a trove of valuable information that it would sell to oil and gas companies hunting for their next big find. In a [Read more]
Alaska governor unveils new plan for gas pipeline
JUNEAU, Alaska - Gov. Sean Parnell on Friday announced a new way forward on a long-hoped-for natural gas pipeline that includes scrapping the terms of a 2007 law he says no longer works well for the situation.In a major policy speech in Anchorage, Parnell said the state and Canadian pipeline builder TransCanada Corp. have agreed to terminate their involvement under the Alaska Gasline Inducement Act. He made clear, however, that TransCanada would remain a partner in the project, just under new [Read more]
Oil rises as jobs data shows economic weakness
The price of oil jumped more than $1 a barrel Friday as the U.S. economy added fewer jobs than expected, fuelling speculation that the Federal Reserve will reconsider its plans to slow economic stimulus. Benchmark West Texas Intermediate crude for February delivery gained $1.06 to US$92.72 on the New York Mercantile Exchange. The world's largest economy added just 74,000 thousand jobs in December, the Labor Department said, while analysts had forecast the addition of 196,000 jobs. The [Read more]
Alberta regulator investigates CNRL well leak
COLD LAKE, Alta. - The Alberta Energy Regulator is investigating another leak from a Canadian Natural Resources (TSX:CNQ) bitumen well near Cold Lake.The regulator says 27,000 litres of contaminated water were released underground on Jan. 3 at the company's troubled Primrose field.Darin Barter, a spokesman for the regulator, says the leak has been stopped.He says none of the water reached the surface or contaminated underground aquifers.Barter says the leak was caused by a well failure — unlike [Read more]
Prentice: Keystone XL a "distraction"
CALGARY - Former Conservative cabinet minister Jim Prentice is urging Canada and the United States to look beyond the contentious and high-profile Keystone XL oil pipeline when it comes to their trade relationship.Prentice — who handled the environment and industry files during his time in government — says the two countries have been "preoccupied by a dispute over a single pipeline."Prentice, now a senior executive at CIBC (TSX:CM), says "we must move beyond this distraction" and calls for a [Read more]
Officials hope to tackle train fire in New Brunswick after removing several cars
PLASTER ROCK, N.B. - Officials said they hoped to start Friday tackling the fire that continues to burn on several train cars days after they derailed in New Brunswick, sparking a blaze fuelled by liquefied petroleum gas and crude oil on board. CN (TSX:CNR) spokesman Jim Feeny said crews worked through the night and removed about six box and crude cars to allow firefighters to get closer to the site of the blaze in Wapske (Wob-ski), near Plaster Rock in northwestern New Brunswick. "Before [Read more]
Oil falls to 8-month low of US$91.66
NEW YORK - The price of oil closed at the lowest level in eight months Thursday as traders worried about bulging supplies of crude and falling demand for gasoline.Meanwhile, natural gas prices fell five per cent on forecasts for warmer than normal weather in the coming weeks.Benchmark West Texass Intermediate crude for February delivery fell 67 cents to close at US$91.66 a barrel on the New York Mercantile Exchange. The price did rise back above $92 in electronic trading after the close, perhaps [Read more]
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