The price of oil dropped Tuesday after the U.S. said it was deploying a small group of troops to Iraq, which helped soothe fears somewhat over the prospect of a broader conflict that could disrupt crude supplies. Benchmark U.S crude for July delivery dropped 29 cents to US$106.61 a barrel in electronic trading on the New York Mercantile Exchange. The contract lost 1 cent to settle at $106.90 on Monday. Brent crude, a benchmark used to price international oils, fell 33 cents to $112.61 a [Read more]
Feds’ final decision on Northern Gateway later today
VANCOUVER - The federal government will announce its much-anticipated decision on the Northern Gateway pipeline after markets close today. Under its own rules, the Conservative government has a June 17 deadline for the final word on whether the 1,200-kilometre pipeline can be built linking the Alberta oilsands to a port on the British Columbia coast. A joint review panel of the National Energy Board and the Canadian Environmental Assessment Agency released a report in December recommending [Read more]
Keystone XL decision shouldn’t be symbol of Cda-US relations: Hillary Clinton
TORONTO - Washington's long-awaited decision to approve or reject the Keystone XL pipeline should not become a symbol of the relationship between the United States and Canada, former U.S. secretary of state Hillary Clinton said Monday.Speaking before a business crowd of roughly 1,800 in Toronto, Clinton said the controversial project — designed to move Alberta crude oil to the Gulf Coast — has become "a proxy for everything" as proponents and critics lock horns over its fate."However this [Read more]
Alberta regulator checks oilsands companies for odours
PEACE RIVER, Alta. - Alberta's energy regulator is mounting a two-week, around-the-clock compliance check near Peace River to ensure oilsands companies are following new rules on odour emissions."We only have so many people in each field office across Alberta, so we've essentially saturated this area with staff to do a targeted sweep," Jeff Toering of the Alberta Energy Regulator said Monday.The sweep involves two three-person teams moving from facility to facility in alternating 12-hour shifts [Read more]
Oil rises above $107 as Iraq turmoil intensifies
The price of oil rose above US$107 Monday as violence worsened in Iraq with reports of a massacre by Islamic militants, raising fears of widening instability in the country, a key energy producer. The northern town of Tal Afar became the latest to fall to the militants, who have already captured a vast swath of territory including Iraq's second-largest city, Mosul. The militants, who on Sunday posted graphic photos of truckloads of Iraqi soldiers that they apparently captured and killed, vow [Read more]
Northern Gateway opponents prepare for provincial referendum campaign
VANCOUVER - Resigned, perhaps, that federal government approval of the Northern Gateway pipeline is inevitable, opponents of the project are formulating a plan to make sure British Columbia's politicians remain opposed to the project. For months now, members of the Dogwood Initiative have been preparing for a provincial referendum akin to the vote that forced the Liberal government to repeal the harmonized sales tax in British Columbia.Should Ottawa give the pipeline the go-ahead by this [Read more]
Oil jumps to near $107 a barrel on Iraq violence
The price of oil rose again Friday, nearing $107 a barrel, as the growing crisis in Iraq fuels concerns that crude supplies from OPEC's second-largest producer could be hurt. Crude oil rose 38 cents, or 0.4 percent, to $106.91 a barrel. Oil prices rose more than $2 a barrel on Thursday and are up 4 percent this week. Oil prices hit 10-month highs after an al-Qaida-inspired group vowed to march on Baghdad after capturing two key Iraqi cities this week. However, the violence is mostly [Read more]
Peter Watson named as new National Energy Board chair and chief executive
CALGARY - The National Energy Board is getting a new boss.Peter Watson has been appointed to a seven-year term as the federal energy watchdog's chair and CEO.Watson is a veteran of Alberta's public service, with his most recent job as deputy minister of the province's executive council.Federal Natural Resources Minister Greg Rickford made the announcement on FridayWatson's new posting begins on August 18.He's taking over from Gaetan Caron, whose term ended this week. [Read more]
Wall Street’s jitters over Iraq violence driving up pump prices in Canada
CALGARY - Conflict on the other side of the world is expected to drive up gasoline prices here in Canada.Roger McKnight, an analyst with En-Pro International, said Friday that he sees pump prices rising by more than two cents in the Toronto area on Saturday to around $1.42 a litre. Wholesale prices are also rising in the western part of the country.Canada-wide, the average pump price is currently at just under $1.36, according to price-tracking website Gasbuddy.com.The coming increase has [Read more]
Judge backs expansion of Enbridge’s Alberta Clipper pipeline across Minnesota
ST. PAUL, Minn. - An administrative law judge on Thursday recommended that Minnesota regulators approve an expansion of Enbridge's Alberta Clipper crude oil pipeline across northern Minnesota. Enbridge wants to increase the line's capacity from 570,000 barrels per day to 800,000 by adding new pumping stations. Judge Eric Lipman concluded that Enbridge has demonstrated a need for the added capacity. His recommendations now go to the state Public Utilities Commission, which must approve [Read more]
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