The price of oil rose above US$100 a barrel for the first time in a week Wednesday on signs of increased demand for petroleum products.Benchmark West Texas Intermediate crude for April delivery gained 67 cents to close at US$100.37 a barrel on the New York Mercantile Exchange. The April contract expires Thursday and the more heavily-traded May contract rose 29 cents to US$99.17.The Energy Department said that demand for gasoline rose 1.5 per cent over the four-week period ended March 14, [Read more]

OTTAWA - Jim Flaherty is leaving the federal cabinet after more than eight years as finance minister to prepare for a return to the private sector, saying the move is unrelated to his recent health problems. Prime Minister Stephen Harper is expected to name his replacement Wednesday. Flaherty, who delivered his final budget last month, said he made the decision with his family earlier this year. "As I begin another chapter in my life, I leave feeling fulfilled with what we have [Read more]

The price of oil rose the most in two weeks Tuesday in the wake of strong U.S. factory data and an apparent easing in tensions over Ukraine.Benchmark West Texas Intermediate crude for April delivery gained $1.62 to US$99.70 on the New York Mercantile Exchange. It was oil's biggest gain since March 3.Brent crude, used to set prices for international varieties, gained 55 cents to US$106.79 on the ICE Futures exchange in London.Data from the Federal Reserve showed that U.S. factory output in [Read more]

EDMONTON - A group has delivered to the Alberta legislature petitions with more than 11,00 signatures from residents who are opposed to oil and gas exploration in their city.Sheila Rogers with "No Drilling Lethbridge" gave the petitions to the city's MLA, Greg Weadick, on Monday.Rogers said the group had a massive response to its petition, which calls on the province to prohibit oil and gas drilling within the city.GoldenKey Oil has secured mineral rights from Alberta Energy in an undeveloped [Read more]

VANCOUVER - Environmental advocates say the B.C. government has been illegally granting natural gas companies repeated short-term approvals, allowing them to use large quantities of fresh water for years without obtaining full water licences.The Western Canada Wilderness Committee and the Sierra Club of B.C. are in a Vancouver court today asking it to throw out the short term approvals granted for water use for natural gas extraction known as hydraulic fracturing, or fracking.Under provincial [Read more]

FREDERICTON - The New Brunswick Energy Institute will spend more than $500,000 on a groundwater study to assess the effects of shale gas development on domestic well water.David Besner, Interim Chair of the New Brunswick Energy Institute, says it’s clear people have concerns about their groundwater supply as it relates to resource development.Besner says the institute will provide scientific data to provide a better understanding about water quality and conditions.The project will be the first [Read more]