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]

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]

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]

The price of U.S. oil rose Wednesday following reports that Washington is studying whether to lift a longstanding ban on crude oil exports.Benchmark U.S. crude for June delivery was up 33 cents to US$102.03 a barrel at 1:50 a.m. ET on the New York Mercantile Exchange. On Tuesday, it jumped $1.11 to $101.70 a barrel, its highest close since April 24.Department of Energy Secretary Ernest Moniz told reporters in Seoul, South Korea that the government was reviewing the issue of crude oil exports, [Read more]