CALGARY - TransCanada Corp. has taken an initial step toward obtaining regulatory approval for its proposed $12-billion Energy East oil pipeline. The Calgary-based pipeline giant (TSX:TRP) filed a project description with the National Energy Board on Tuesday — a key step in the process. The more than 100-page document provides details on the project based on engineering assessments, environmental studies and community consultations. The 4,600-kilometre Energy East pipeline would connect [Read more]
Crude oil down sharply after Putin eases fears of escalation of Ukraine crisis
The price of crude oil dropped sharply Tuesday after Russian President Vladimir Putin said his country was not seeking to escalate the conflict in Ukraine Benchmark West Texas Intermediate crude for April delivery fell $1.59 to US$103.33 a barrel on the New York Mercantile Exchange. On Monday, oil added $2.33 to close at $104.92. Brent crude, used to set prices for international varieties of crude, fell $1.90 to US$109.30 a barrel on the ICE Futures exchange in London. Putin said that [Read more]
Canada writes U.S. to plug Keystone XL, offer to work together on oil pollution
WASHINGTON - The Canadian government has sent the Obama administration a letter making its case for the Keystone XL pipeline. The letter argues the merits of the pipeline on environmental, economic and energy-security grounds. It expresses a desire to work with the Americans on oil and gas issues, without wading into specifics. The three-page note is signed by Canada's ambassador to Washington, Gary Doer, and addressed to Secretary of State John Kerry. Kerry is leading a regulatory [Read more]
Oilsands capital of Fort McMurray no crime capital: study
FORT MCMURRAY, Alta. - A study is suggesting that Alberta's oilsands capital is not the wild and woolly, crime-ridden boomtown it's sometimes painted to be."It seems clear, by looking carefully at the best available data, that crime is not rampant in the Regional Municipality of Wood Buffalo," writes author Neil Boyd, head of criminology at Simon Fraser University in British Columbia.Municipal officials put out a call for someone to do a crime study in Fort McMurray after repeated magazine and [Read more]
Police arrest hundreds of anti-Keystone protesters who strapped themselves to the White House
WASHINGTON (AP) — Police arrested hundreds of people who strapped themselves to the White House fence on Sunday to protest the proposed Keystone XL oil pipeline. The protesters were mostly college students who participated in a peaceful march that began at Georgetown University and ended outside the White House. They chanted “climate justice now” and carried signs with slogans such as “don’t tarnish the earth” in an effort to persuade President Barack Obama to reject the pipeline. They say it [Read more]
Crude oil prices jump $2 on Ukraine crisis as markets worry about sanctions against Russia
Oil prices jumped nearly two dollars a barrel Monday as Russia's military advance into Ukraine raised fears of economic sanctions against one of the world's major energy producers. Natural gas prices surged at the prospect of a decrease in global supplies.By early afternoon in Europe, benchmark U.S. crude for April delivery was up $1.92 to $104.51 a barrel in electronic trading on the New York Mercantile Exchange. On Friday, the Nymex contract added 19 cents to close at $102.59.Markets were [Read more]
Buffett says some crude oil more dangerous than expected, railroad tank cars must change
OMAHA, Neb. - Investor Warren Buffett says it's clear that railroad tank cars carrying crude oil need to be updated because oil from certain regions has the potential to be more dangerous than previously thought. Buffett appeared on CNBC Monday after releasing his letter to Berkshire Hathaway shareholders Saturday. Buffett owns BNSF railroad and a manufacturer of tank cars. Buffett says the crude oil from the Bakken oil field in North Dakota and Montana and the Eagle Ford oil field in [Read more]
Irving Oil spending $60 million on maintaining Canada’s largest oil refinery
SAINT JOHN, N.B. - New Brunswick's Irving Oil says it will spend $60 million over the next six weeks as 1,700 extra workers are brought in to perform scheduled maintenance at Canada's largest oil refinery in Saint John. The company says the work will continue 24 hours a day, seven days a week, until the project is completed. Known in the refining industry as a "turnaround," the project is aimed at improving safety, reliability and environmental performance. In total, about 2,000 people [Read more]
Crude oil exists February with gain of 5%; naural gas off 7%
NEW YORK - The price of oil rose slightly Friday, finishing February with a gain of five per cent for the month. Benchmark West Texas Intermediate crude for April delivery rose 19 cents to close at US$102.59 a barrel on the New York Mercantile Exchange. For all of February, oil gained US$5.10 a barrel. U.S. refineries needed crude oil to make heating oil and diesel as frigid and stormy weather boosted demand. Natural gas ended a wild month by gaining 10 cents Friday to US$4.61 per 1,000 [Read more]
Give Obama elbow room on environment, Saskatchewan premier tells Ottawa
OTTAWA - The Harper government needs to bring in long-delayed regulations on the oil and gas industry to burnish Canada's environmental credentials and help win pipeline approvals, says Saskatchewan Premier Brad Wall. Or maybe not. It depends on which response to the same question one takes from the same Wall scrum with reporters. Wall joins a chorus of voices, including some in Canada's oil patch, who have suggested regulatory foot-dragging by the Conservative government has not been [Read more]
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