WASHINGTON - President Barack Obama's former national security adviser says rejecting the Keystone XL pipeline would be a gift to Vladimir Putin.James Jones is testifying today at a Senate hearing on whether approving the pipeline is in the U.S. national interest.He says energy scarcity is a powerful geopolitical weapon — as evidenced now in Ukraine, and at various times in Iran and Venezuela.Naming the Russian leader personally, he says the world's bullies are watching the KXL debate, and [Read more]
Saskatchewan passes motion to support Northern Gateway pipeline
REGINA - The Saskatchewan legislature has passed a motion supporting construction of the Northern Gateway pipeline, but the vote was not unanimous.The motion says there is an oil transportation bottleneck that is driving down the value of Saskatchewan oil. Premier Brad Wall says the pipeline may not carry Saskatchewan oil, but he claims it will benefit the province by helping to clear up the bottleneck."If we get Canadian oil to tidewater, like these pipelines will do, we'll increase the value [Read more]
Oil falls below US$98 on China economic slowdown jitters; higher US supplies
The price of oil dropped below US$98 a barrel Wednesday as the possibility of a deeper economic slowdown in China fed expectations of weaker demand and a report showed a rise in U.S. oil supplies.Benchmark West Texas Intermediate crude for April delivery fell $2.04, or two per cent, to close at US$97.99 a barrel on the New York Mercantile Exchange, the first close below $100 in a month.Brent crude, used to set prices for international varieties, dropped 53 cents to US$108.02 a barrel on the ICE [Read more]
US gas boom: A tool against Russian coercion, but one that’s not yet ready to use
WASHINGTON - The United States, with its abundant supplies of natural gas, would seem to have an easy answer to Europe's fears that a strong response to Russia's rapid takeover of Ukraine's Crimea region could prompt Vladimir Putin to shut down gas lines that keep European homes warm, factories humming and electricity flowing.Trouble is: Right now there's no way to get meaningful American supplies across the Atlantic Ocean.Turning U.S. natural gas into liquefied natural gas (LNG), a process that [Read more]
Judge rules oilsands exploration on Saskatchewan First Nation is legal
DILLON, Sask. - A Court of Queen's Bench Justice has ruled against the Buffalo River Dene Nation in its attempt to halt oilsands exploration on what the band calls its traditional territory.The legal action was launched last summer after two exploration permits were issued to Scott Land and Lease.The First Nation believes granting the permits was a violation of treaty rights and says the policy of duty to consult was ignored.But Justice Grant M. Currie has ruled the issuing of exploration [Read more]
Oil falls near US$100 a barrel; analysts predict a rise in US stockpiles
The price of oil dropped near US$100 a barrel Tuesday on expectations that U.S. oil supplies rose last week.Benchmark West Texas Intermediate crude for April delivery dropped $1.09 to close at US$100.03 a barrel on the New York Mercantile Exchange, the lowest price in a month.Brent crude, used to set prices for international varieties, rose 47 cents to US$108.55 on the ICE Futures exchange in London.Investor expectations that the U.S. Energy Department will report an eighth straight weekly [Read more]
Oil truck spills 18,000 litres of crude on highway in east-central Alberta
VETERAN, Alta. - Crews are busy cleaning up a gooey mess after a tanker truck spilled 18,000 litres of oil in east-central Alberta.RCMP say the truck rolled over on Highway 884 south of Veteran late Monday afternoon.The rollover caused a breach in the tank and the oil spilled onto the surrounding snow.The driver was treated at the scene for minor injuries.Crews are using backhoes, loading vehicles and hydrovac trucks to recover the oil.Alberta Environment says the spill doesn't pose any health [Read more]
Keystone delays seen keeping investment away from junior energy space
CALGARY - Uncertainty over the Keystone XL pipeline is a "black mark" that's been keeping investors away from the Canadian junior energy space, says a Calgary investment banker.The sentiment may not be entirely logical, with several other alternatives on the table to get oil to lucrative markets, such as rail and a host of other pipeline proposals.But Sonny Mottahed, CEO and managing partner at Black Spruce Merchant Capital, said there's a "big psychology component" at play."The psychology of [Read more]
Oil little changed near $101 a barrel after tumble on weak China trade figures
The price of oil was little changed near $101 a barrel Tuesday after tumbling because of data suggesting China's economy might continue to slow this year. Benchmark U.S. crude for April delivery was up 19 cents to $101.31 a barrel at 0655 GMT in electronic trading on the New York Mercantile Exchange. The contract fell $1.46 to close at $101.12 on Monday after China reported a steep drop in February exports. Brent crude, used to set prices for international varieties of crude, was up 12 [Read more]
Natural gas drillers have drummed up new demand, but haven’t shown they can deliver supplies
HOUSTON - America's plan to use more natural gas to run power plants, make chemicals, drive vehicles and heat homes may not go as smoothly as expected.There's plenty of natural gas in the ground, everyone seems to agree. But the harsh weather this winter shows there are obstacles to producing it, and more pipelines have to be built.The bitter temperatures boosted demand for natural gas to heat homes and businesses. But wells in some places literally froze, making it difficult for some drillers [Read more]
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