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]
Jim Prentice says he’s the leader Alberta needs to build Northern Gateway pipeline
GRANDE PRAIRIE, Alta. - Alberta Tory leadership candidate Jim Prentice says he's the one who can navigate the myriad of challenges to get the Northern Gateway pipeline built to the B.C. coast. Prentice said in a prepared speech Wednesday that a strong leader is needed to forge agreements for the pipeline. "There will be no access to the Asia Pacific basin for our energy unless we strike a partnership with the government of British Columbia and a partnership with First Nations, including, [Read more]
B.C. premier removes herself from oil refinery proposal linked to former husband
VICTORIA - Premier Christy Clark says she's removing herself from her government's dealings with a new British Columbia oil refinery proposal that has ties to her former husband, Mark Marissen. Vancouver company, Pacific Future Energy Corp., is pitching a $10-billion oilsands refinery on B.C.'s north coast, with plans to connect Alberta's oil resources with Asian markets. Marissen has been hired as the company's executive vice president of communications. After consulting with B.C.'s [Read more]
Oil ministers from OPEC countries signal they will keep production target steady at meeting
VIENNA - All is not well within OPEC as the oil cartel focuses on how much crude to pump for the rest of the year. Kurds in Iraq are defying the central government and selling their oil directly abroad. Nigeria is hurting due to shale oil production in the United States, its most important customer. While worrisome for the two countries, such problems may help global supplies. But there is trouble in production, as well. Sales from Iran, normally second only to Saudi Arabia, are severely [Read more]
‘World’s greenest’ refinery pitched to process oilsands crude on B.C. coast
CALGARY - A Vancouver company is pitching a $10-billion oilsands refinery on British Columbia's north coast that aims to connect Alberta's vast energy resources with Asian markets, while avoiding some of the pitfalls others have encountered.Pacific Future Energy Corp. says the refinery would be the "world's greenest" and built in full partnership with B.C. First Nations, many of whom are vehemently opposed to proposals to ship crude to the West Coast for export.Any day now, Ottawa is expected to [Read more]
Newfoundland government, Statoil to spend $3.9 million on Arctic oil research
ST. JOHN'S, N.L. - Statoil Canada and the province of Newfoundland and Labrador will spend $3.9 million on research into oil and gas operations in Arctic and harsh environments. Statoil will spend $2.4 million on the three new projects while Crown corporation Research and Development Corp. will spend $1.5 million. One project led by Kvaerner Canada Ltd. involves Arctic subsea oil and gas separation and storage technology. Rutter Inc. will help develop a system to automatically detect [Read more]
Oil rises to near $105 on expectations for stronger demand
Oil rose to near US$105 a barrel Tuesday on expectations for rising demand as the global economy strengthens.Benchmark U.S. oil for July delivery was up 37 cents to $104.78 a barrel at 3:50 a.m. ET in electronic trading on the New York Mercantile Exchange. It soared $1.75 to close at $104.41 on Monday and is now at its highest since early April.Recent economic indicators that suggest stronger global growth include Japan raising its January-March GDP number, a fourth month of solid hiring in the [Read more]
Oil hits 3-month high on strong China exports, Japan economic growth
Oil prices rose Monday as positive news on exports from China and economic growth in Japan followed last week's solid jobs report in the United States.Benchmark West Texas Intermediate crude for July delivery gained $1.75 to close at US$104.41 a barrel on the New York Mercantile Exchange. That's the highest closing price since March 3.Brent crude, a benchmark for international oils, rose $1.29 to US$109.15 a barrel in London.China reported Sunday that exports rose seven per cent in dollar terms [Read more]
IMF leader urges countries like Canada to set a price on carbon emissions
MONTREAL - The head of the International Monetary Fund says energy powerhouses like Canada need to be proactive when it comes to protecting the environment and not simply wait for a deal to be reached on replacing the Kyoto Protocol.Christine Lagarde told an international economic conference in Montreal that whether it's a carbon tax or a cap and trade system, a mechanism is need to reflect the cost of emissions that will encourage less consumption.Lagarde applauded Canada's efforts to unleash [Read more]
Natural Resources minister back in B.C. as clock ticks down on pipeline decision
VANCOUVER - With the clock ticking down for his government's decision on Northern Gateway, Natural Resources Minister Greg Rickford says there have been significant strides forward around pipeline and marine traffic safety in talks between Ottawa and First Nations.But Rickford says all agree there remain issues "around a specific project" or "specific aspects of energy transportation."With a June 17 deadline for a final decision on the pipeline, Rickford gave no hint of when or what that [Read more]
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