The price of oil fell further on Friday as recent signs of sputtering economic growth in China suggested demand for crude could weaken. Other factors influencing crude supplies included a report that U.S. crude reserves rose to a 38-year high and the delayed reopening of export terminals in Libya. Benchmark crude for May delivery was down 20 cents to US$103.20 a barrel at 0740 GMT in electronic trading on the New York Mercantile Exchange. The contract fell 20 cents to settle at $103.40 a [Read more]
Kitimat residents to cast ballots on Northern Gateway pipeline project
KITIMAT, B.C. - Residents of Kitimat will cast votes in a local plebiscite Saturday for or against the multibillion-dollar Northern Gateway pipeline. The District of Kitimat has remained neutral on the $6-billion project, but the vote will decide council's position. "We'll see what the people of Kitimat want," said Mayor Joanne Monaghan. The city on the North Coast would be the end of the pipeline and home of the marine terminal for loading oil onto tankers. Kitimat council's neutral [Read more]
Jim Flaherty, Former Finance Minister, Dead At 64
It has been an honour to serve Canada. Thank you for the opportunity. pic.twitter.com/vIbBNgT0wY— Jim Flaherty (@JimFlaherty) March 18, 2014 OTTAWA - Jim Flaherty, the former finance minister who took the country from surplus to huge, recession-spawned deficits and back to within an eyelash of a surplus, died suddenly Thursday. His death left MPs on all sides of the political spectrum shocked and tearful. The jocular, wise-cracking Flaherty, who until mid-March had been the Harper [Read more]
Saskatchewan land sales for petroleum, natural gas pass $98.6M this year
REGINA - Crown petroleum, natural gas and oil shale land sales are pumping more money into Saskatchewan government coffers. The province says the April sale of petroleum and natural gas rights brought in $47.9 million in revenue, bringing the total of the first two sales this year to $98.6 million. The government says that amount passes the $67.4 million in land sales in all of last year. Sales in the Weyburn-Estevan area were the highest at $42.8 million, followed by the Lloydminster [Read more]
Obama faces pressure from Democrats to approve Keystone by May 31
WASHINGTON - Barack Obama is being pressured by members of his own party to approve the Keystone XL pipeline by May 31. The president has received a letter from 11 pro-pipeline Democratic senators, several of whom face re-election battles that will help determine whether their party keeps control of the Senate. They say that gives the president 15 days, beyond the current 90-day multi-department review, to make his choice. And they say the decision should be positive, given the conclusions [Read more]
B.C. First Nations sign LNG revenue-sharing agreements
VICTORIA — The British Columbia government has moved to bring First Nations on board its much-anticipated multibillion-dollar liquefied natural gas boom. Two north coast First Nations signed revenue-sharing agreements Wednesday with the government related to the development of a proposed liquefied natural gas export terminal on their traditional territories near Prince Rupert. It’s a deal that could be worth up to $15-million for the Metlakatla and Lax Kw’alaams nations. Premier Christy [Read more]
Oil above US$103 a barrel on Ukraine unrest; traders shrug off supply increase
The price of crude oil rose to a five-week high Wednesday amid unrest in eastern Ukraine, even as a report showed a large rise in U.S. supplies. Benchmark West Texas Intermediate crude for May delivery gained $1.04 to close at US$103.60 on the New York Mercantile Exchange. The contract, which gained $2.12 on Tuesday, last closed above $103 on March 4. Brent crude, used to set prices for international oil varieties, rose 31 cents to US$107.98 on the ICE Futures exchange in [Read more]
Petrolia boss says he’ll honour deal with Quebec to drill for oil on Anticosti
MONTREAL - Premier-designate Philippe Couillard may not be keen on the idea but Petrolia is ready to proceed with the former Parti Quebecois government's deal to explore Anticosti Island. Petrolia (TSX:PEA) president Myron Tetreault said during a speech to a Montreal business group today the oil company would respect agreements recently signed with Pauline Marois's government. Couillard had said during the election campaign he would like to see exploratory drilling suspended until a [Read more]
Former PM Brian Mulroney appeals for fearless leadership on resource agenda
OTTAWA - Brian Mulroney says the country needs risk-taking leadership to get domestic oil and gas moving overseas, as well as a plan to work co-operatively and bring Canadians onside.The former Tory prime minister's remarks Tuesday, in a speech organized by the progressive think tank Canada 2020, come as major pipeline projects languish in limbo.They have been stymied largely by opposition from First Nations, environmentalists and ordinary Canadians concerned with the impact on their [Read more]
Crude jumps above $102 a barrel on Ukraine unrest, lower forecast for US output
The price of oil climbed above US$102 a barrel Tuesday, supported by renewed unrest in eastern Ukraine and a lowered domestic production forecast from the U.S. Energy Department. Benchmark West Texas Intermediate crude for May delivery gained $2.12, or 2.1 per cent, to US$102.56 a barrel on the New York Mercantile Exchange, its highest closing price since March 7. Brent crude, used to set prices for international oil varieties, rose $1.85 to US$107.67 on the ICE Futures exchange in [Read more]
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