VICTORIA - British Columbia Finance Minister Mike de Jong says the budget he will table today contains few spending announcements or tax breaks, but it's balanced and forecasts three years of surpluses — an achievement most other provinces would celebrate. B.C. and Saskatchewan are the only two provinces in Canada to post balanced budgets this year. Last week, federal Finance Minister Jim Flaherty said the Conservative government is on track to balance the books next year — an election [Read more]
Train accidents stir worries about crude transport
BILLINGS, Mont. - At least 10 times since 2008, freight trains hauling oil across North America have derailed and spilled significant quantities of crude, with most of the accidents touching off fires or catastrophic explosions. The derailments released almost 3 million gallons of oil, nearly twice as much as the largest pipeline spill in the U.S. since at least 1986. And the deadliest wreck killed 47 people in the town of Lac-Megantic, Quebec. Those findings, from an Associated Press [Read more]
White House to PM: DON’T EXPECT KEYSTONE ANSWERS
WASHINGTON - The White House says Prime Minister Stephen Harper shouldn't expect any new information if he presses for details on Keystone XL next week. Senior officials in the Obama administration say Harper will be told in private the same thing he's hearing in public: that a process is underway, it's not political, and it's unclear when it will end. The prime minister is expected to raise the long-delayed pipeline when he meets President Barack Obama next week in Mexico at a North [Read more]
Enbridge: Alberta Clipper expansion delayed
CALGARY - Enbridge Inc. (TSX:ENB) says the U.S. State Department is taking longer than expected to review an expansion to its Alberta Clipper pipeline between Alberta and Wisconsin. But executives with the Calgary-based energy shipper say they're confident a green light will come in time to expand the line to 800,000 barrels per day by the middle of next year. Enbridge obtained a U.S. federal permit in 2009 before starting up the first phase of the line, which has 450,000 barrels per day [Read more]
Thousands apply to talk about Trans Mountain
VANCOUVER - Thousands of groups, businesses and individuals have applied to take part in the upcoming National Energy Board hearings into Kinder Morgan's proposed expansion if its Trans Mountain oil pipeline through Alberta and British Columbia Energy board spokeswoman Sarah Kiley says among the 2,131 applicants are many First Nations groups, municipalities from Edmonton to Vancouver, conservation groups and businesses. One of the more unexpected applicants is the Washington State [Read more]
Oil dips; natural gas soars on supply report
The price of oil barely budged Thursday as benchmark West Texas Intermediate crude for March delivery slipped two cents to US$100.35 a barrel on the New York Mercantile Exchange. U.S. economic indicators were mostly downbeat on Thursday, suggesting weak demand, although a report from the International Energy Agency gave oil some support. The agency raised slightly its 2014 forecast for global demand to 92.6 million barrels a day, 125,000 barrels above its previous expectations from a month [Read more]
Quebec to explore Anticosti Island oil reserves
MONTREAL - The Quebec government is going ahead with plans to exploit the oil resources of Anticosti Island, estimated at 46 million barrels. Premier Pauline Marois announced deals with the firms Petrolia, Corridor Resources, Junex, and Maurel & Prom to carry out two exploration programs in two phases. The government will invest a total of $115 million in the projects. The news comes as speculation swirls around a possible provincial election in which opposition parties have said [Read more]
Recent cold not swaying Encana gas outlook
CALGARY - Encana Corp. says a recent run-up in natural gas prices — driven by a prolonged stretch of frigid weather throughout North America — has been great for business, but it's not enough to sway its mid-term outlook for that commodity. "It's good news if you're a company with a lot of gas production. We're having a very cold winter, which is pulling a lot of demand and has obviously created very strong pricing here recently," CEO Doug Suttles told analysts on a conference call Thursday, [Read more]
Cenovus hikes dividend
CALGARY - Oilsands producer Cenovus Energy Inc. says its dividend is going up 10 per cent, starting with the next payment in March. The increased payout to Cenovus shareholders was announced along with the company's improved fourth-quarter results. The Calgary-based company reported $212 million of operating earnings, equal to 28 cents per share. That compared with a year-earlier operating loss of $188 million or 25 cents per share. Cenovus says its quarterly dividend will rise to [Read more]
U.S. rail group: Let’s go farther on safety
WASHINGTON - It's only been a few weeks since Canadian policy-makers announced safety changes to rail cars, but elements within the industry already want to go further. An industry association in the U.S. is recommending all new oil-carrying train cars be equipped with a thicker, puncture-proof metal shell, taller shields on each end and thermal insulation. The request comes in a letter today to the U.S. transportation secretary from the Railway Supply Institute, the main group [Read more]
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