The price of oil traded around $102 a barrel on Friday, nearly unchanged, as worries over supplies and geopolitical tensions eased.Oil prices had slipped Thursday after spiking earlier in the week on lower U.S. inventories and tensions in Ukraine and the Middle East.Benchmark U.S. crude for September delivery rose 2 cents to $102.09 a barrel on the New York Mercantile Exchange. On Thursday, the Nymex contract had dropped $1.05 to close at $102.07.Lower-than-expected U.S. crude inventories in a [Read more]
National Energy Board orders Enbridge to cease work on pipeline in Manitoba
CALGARY - The National Energy Board has ordered Enbridge Inc. (TSX:ENB) to stop work along an oil pipeline in Manitoba because of safety and environmental concerns.The federal energy watchdog says an inspection earlier this month on the company's Line 3 pipeline, which runs between Alberta and Wisconsin, revealed numerous problems.It says wetlands and agricultural land near Cromer, Man., were damaged and open excavations posed safety hazards.Enbridge announced plans earlier this year to replace [Read more]
Oil price slips below $102 a barrel as worries over supply, geopolitical tension ease
The price of oil slipped below $102 a barrel on Friday, falling for a second day after spiking on lower U.S. inventories and tensions in the Ukraine and the Middle East.Benchmark U.S. crude for September delivery was down 10 cents to $101.97 at 0555 GMT in electronic trading on the New York Mercantile Exchange. The contract dropped $1.05 to close at $102.07 a barrel on Thursday.Brent crude, a benchmark for international oils, rose 13 cents to $107.20 in trading on the ICE exchange in [Read more]
Oil above US$103 a barrel as U.S. supplies fall much more than expected
The price of oil rose Wednesday as the U.S. government reported that American supplies fell more than expected last week.Benchmark West Texas Intermediate crude for September delivery gained 73 cents to US$103.12 a barrel on the New York Mercantile Exchange. Brent crude for September delivery, a benchmark for international oils, rose 70 cents to US$108.03 on the ICE Futures exchange in London.The Energy Department reported that U.S. oil supplies fell by four million barrels last week, a sharper [Read more]
US proposes tougher tank car rules, other standards to prevent oil train fires
WASHINGTON - Thousands of older rail tank cars that carry crude oil would be phased out within two years under U.S. regulations proposed Wednesday in response to a series of fiery train crashes over the past year, including a runaway oil train that exploded in the Quebec town of Lac-Megantic, killing 47 people.Accident investigators have complained for decades that the cars are too easily punctured or ruptured, spilling their contents, when derailed.The phase-in period for replacing or [Read more]
Federal government criticized for leaving frac fluid off pollutant list
OTTAWA - Environmentalists and legal experts are criticizing the federal government's decision to omit chemicals used in fracing from a list that summarizes pollutants going into Canada's air, land and water. Environment Canada says such chemicals aren't used regularly enough or in large enough quantities to be added to the National Pollutant Release Inventory. Critics say the public has a right to know what's being injected below the surface that may end up in groundwater. A recent [Read more]
Canada’s U.S. ambassador says Keystone pipeline makes economic, environmental sense
WHISTLER, B.C. - United States ambassador to Canada Bruce Heyman had little to say Tuesday about a possible decision on the controversial Keystone XL pipeline project, but that didn't stop Canada's U.S. ambassador from bluntly stating there's no proof that the pipeline shouldn't be built.Gary Doer said all the evidence — environmental, economic, safety and scientific — supports a favourable decision by the U.S. government for the Keystone oil pipeline. Doer told delegates attending the annual [Read more]
Oil slips slightly, but geopolitical tensions seen preventing any significant declines.
The price of oil fell slightly Tuesday but experts see geopolitical tensions preventing any significant short-term declines.Benchmark West Texas Intermediate crude for August delivery fell 17 cents to US$104.42 a barrel on the New York Mercantile Exchange. The more heavily traded September contract slipped 47 cents to US$102.39.Brent crude for September delivery, a benchmark for international oils, dropped 35 cents to US$107.33 on the ICE Futures exchange in London.Fighting between the Israeli [Read more]
AER says more spill safeguards needed before Primrose returns to normal
CALGARY - The Alberta Energy Regulator says Canadian Natural Resources Ltd.'s (TSX:CNQ) Primrose oilsands project in northeastern Alberta won't be returning to normal full operations any time soon.Jim Ellis, who heads up the provincial energy watchdog, says it won't allow a return to business as usual until all of the risks have been addressed and the right safeguards are in place to prevent bitumen from oozing to the surface.An emulsion of bitumen and water was found to be leaking from four [Read more]
Maine city council votes to ban western Canada oil
SOUTH PORTLAND, Maine - The South Portland City Council has voted to ban the transfer of crude oil onto ocean tankers, effectively ending any attempt to bring oil from western Canada through a pipeline into the city. The City Council voted 6-1 Monday night in favour of the ordinance that was hailed by environmentalists. Crude from the tar sands of western Canada is fueling the surge in North American production, but environmentalists say tar sands oil is difficult to clean if spilled and [Read more]
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