BISMARCK, N.D. - Oil industry representatives are pushing back against tougher rules for rail cars carrying crude despite a string of fiery accidents and insisting that oil shipped by train from the Northern Plains is no more dangerous than some other cargoes.An industry-funded report released Tuesday said the volatility of Bakken oil from North Dakota and Montana is comparable to other light crudes.But the report offers further evidence that Bakken crude is more volatile than heavier oils such [Read more]
Ottawa demands NAFTA body drop investigation into oilsands tailings
CALGARY - Ottawa is demanding the Commission for Environmental Co-operation drop its investigation into whether laws are being properly enforced when it comes to oilsands pollution. Two environmental groups and three individuals complained in 2010 to the CEC, a body created alongside the North American Free Trade Agreement as a way for Canada, the United States and Mexico to address environmental issues. The complainants assert the federal government has failed to enforce provisions in the [Read more]
Oil hovers above $102 a barrel as Libya tensions flare
The price of oil hovered above US$102 a barrel Tuesday as the threat of further violence in Libya threw into question the country's ability to ramp up its crude exports.Benchmark U.S. crude for July delivery was up 18 cents to $102.29 a barrel at 2:40 a.m. ET in electronic trading on the New York Mercantile Exchange. The Nymex contract for June rose 12 cents to settle at $102.73 on Monday, its last day of trading.Brent crude, a benchmark for international oil, added 23 cents to $109.60 on the [Read more]
Railways and crude shippers weigh in on changes to liability rules
CALGARY - Railway operators and the petroleum industry have weighed in on how they think the risks of shipping dangerous goods by rail ought to be divvied up — and it's clear the two aren't on the same page. Rail carriers aren't happy with the status quo, in which they're legally required to move whatever customers want shipped, but are entirely on the hook if something goes wrong. The energy players, on the other hand, are generally satisfied with how the current system works, although they [Read more]
Oil extends gains above $102 a barrel on demand outlook, lingering Ukraine jitters
The price of oil extended gains above $102 a barrel Monday on forecasts of higher global demand. Benchmark U.S. crude for June delivery was up 16 cents to $102.18 a barrel at 0620 GMT in electronic trading on the New York Mercantile Exchange. The contract rose 52 cents Friday to close at $102.02 and gained about 2 per cent for the week. Brent crude for July delivery, a benchmark for international oil, was up 41 cents to $110.15 on the ICE exchange in London. The Commerce Department said [Read more]
Crude oil falls below US$102 a barrel after U.S. factory output slips
The price of oil fell below US$102 a barrel Thursday as weak economic data in the U.S. suggested demand for crude could fall. Benchmark West Texas Intermediate crude for June delivery fell 87 cents to close at US$101.50 a barrel on the New York Mercantile Exchange. Brent crude, a benchmark for international oil used by many U.S. refineries, rose 25 cents to close at US$110.44 a barrel in London. Oil slipped after the Federal Reserve said Thursday that U.S. industrial production dropped in [Read more]
Oil-rich provinces not just Canada’s best economic performers, world-beaters as well
OTTAWA - A new report from the Conference Board puts Canada's three oil rich provinces on top of the world in terms of economic performance. For the rest of the country the news is not so stellar. The think-tank's annual economic report card comparing 16 of the world's richest countries puts Canada in fifth place overall, a one spot better than last year and behind Australia, Ireland, the United States and Norway. That's partly a function of Canada's relatively stable growth rate, but [Read more]
Oil falls below $102 after U.S. crude production hits 28-year high
The price of oil declined Thursday after official figures showed U.S. crude production at a 28-year high. Benchmark U.S. crude for June delivery was down 42 cents to $101.95 a barrel at 3:40 a.m. ET on the New York Mercantile Exchange. The contract rose 67 cents Wednesday to close at $102.37. The U.S. Energy Information Administration said Wednesday that domestic crude production reached 8.428 million barrels during the week ended May 9. That was the highest level since October [Read more]
Pipeline firms to pay all costs, damages in new spill safety rules
VANCOUVER - Pipeline companies will be liable for all costs and damages from a spill, regardless of fault or negligence, under changes to the federal pipeline regime.Natural Resources Minister Greg Rickford says pipeline operators will also have to have a minimum amount of cash available to pay cleanup costs and the National Energy board will be given the power to order reimbursement for those affected by a spill.They are the latest in a number of changes to marine and pipeline safety as British [Read more]
Alberta won’t attend World Petroleum Congress in Russia over Ukraine crisis
EDMONTON - Alberta is pulling out of next month's World Petroleum Congress in Moscow to protest Russia's actions in Ukraine."The message we're sending to the Ukraine is one of continued support, and to Russia one of concern about the intervention that they've taken and the escalating tensions that they're creating," Premier Dave Hancock told reporters Wednesday.He said he had not heard back from the Russians, as the withdrawal announcement had just gone out.Hancock said he's not worried about [Read more]
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