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]
Crude oil prices soar as escalation in Iraiq violence raises supply concerns
The price of oil soared Thursday as an insurgency in Iraq raised the risk of disruptions to supplies at a time when other major oil-producing countries are already pumping near capacity. The al-Qaida-inspired group that captured two key cities in Iraq earlier this week vowed Thursday to march on to Baghdad. One of those two cities, Mosul, lies in an area that is a major gateway for Iraqi oil. While the loss of the city has no immediate effect on oil exports, now at over 3 million barrels a [Read more]
Business leaders, former politicians sign-on to support Northern Gateway
VANCOUVER - Former Newfoundland premier Brian Tobin has some advice for British Columbia on the cusp of a final federal decision on the Northern Gateway pipeline: why not try? Tobin is one of more than three dozen business leaders, along with current and former politicians featured in a full-page newspaper ad that ran nationwide Thursday, extolling support for the project. "These projects are possible. They're not easy," said Tobin, who was at the helm of the easternmost province when [Read more]
New Democrats release draft of Alberta’s plan to reform energy rules
EDMONTON - The Alberta New Democrats have released what they say is a blueprint for how the governing Tories plan to reform energy industry regulations.The draft paper proposes tailoring environmental requirements to specific risks in different areas.The document says managing development should rely less on government-set targets and more on groups working together to establish what's appropriate.The draft suggests that's a better way to take into account the cumulative effects of many [Read more]
Study: Foreign investment rules hurting oilsands, especially small players
CALGARY - A new study says rules imposed on foreign state-owned investment in the oilsands is having some unintended consequences. A report by the University of Calgary's School of Public Policy says the share prices of oilsands firms have suffered since the rules were announced in late 2012. The biggest impact has been on junior oilsands companies, whose stocks dropped by as much as 50 per cent during the first half of 2013. Small oilsands companies rely on outside investment to grow [Read more]
OPEC shielded from making tough calls as oil price stays high, US production meets demand
NEW YORK - The world oil market has set up quite nicely for OPEC.Dramatic changes in oil production around the globe are balancing each other out instead of wreaking havoc. This has helped world oil prices stay high enough to provide OPEC countries with robust income, but not so high that they scare customers away from buying more of their precious product.Brent crude, the most important international oil benchmark, has hovered in the range of $110 per barrel over much of the last 4 years, with [Read more]
Oil boom produces rare jobs bonanza for archaeologists to survey sites ahead of development
TIOGA, N.D. - Drilling crews are eager to plunge their equipment into the ground. Road builders are ready to start highway projects, and construction workers need to dig. But across the hyperactive oil fields of North Dakota, these and other groups often must wait for another team known for slow, meticulous study — archaeologists, whose job is to survey the land before a single spade of dirt can be turned. The routine surveys have produced a rare jobs bonanza in American archaeology, a [Read more]
Oil prices barely budge; lower World Bank forecast offsets dip in U.S. supplies
The price of oil bounced around before finishing with a slight gain Wednesday. U.S. supplies declined more than expected, but a reduction in the World Bank's estimate of global economic growth raised concerns about demand.Benchmark West Texas Intermediate crude for July delivery rose five cents to US$104.40 a barrel on the New York Mercantile Exchange.Brent crude, the benchmark for international varieties, gained 43 cents to US$109.95 a barrel on the ICE Futures exchange in London amid increased [Read more]
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