The price of oil eased toward $102 a barrel Monday, taking a pause in a six-week rally that has been supported by U.S. demand for heating oil amid prolonged cold weather.By early afternoon in Europe, benchmark U.S. crude for April delivery was down 15 cents to $102.05 a barrel in electronic trading on the New York Mercantile Exchange. On Friday, the Nymex contract fell 55 cents but was up 2 per cent over the week amid rising demand for heating oil in the U.S.Forecasters predicted a return of [Read more]
LNG companies say BC LNG tax too high, Coleman says it’s almost at sweet spot
VICTORIA - One of the first questions British Columbia's Finance Minister Mike de Jong was asked when he introduced the Liberal government's proposed Liquefied Natural Gas Income Tax as part of last week's budget, was how oil and gas companies would react to paying a tax that could top out at seven per cent."Of course, they want zero," he replied.But de Jong pointed to a recent government-commissioned Ernst and Young survey that concluded B.C.'s all-in taxes — corporate, federal, provincial, [Read more]
Railroads agree to voluntary measures to make crude oil shipments safer
BILLINGS, Mont. - Railroads that haul volatile crude shipments have reached an agreement with U.S. transportation officials to adopt wide-ranging, voluntary safety measures after a string of explosive and deadly accidents.A copy of the agreement between the U.S. Transportation Department and the Association of American Railroads was obtained Friday by The Associated Press.It calls for railroads to slow down oil trains through major cities, increase track inspections and bolster emergency [Read more]
Will court ruling further delay Keystone XL?
WASHINGTON - The Obama administration says a court decision has forced it to examine whether the Keystone XL pipeline process might have to be delayed once again. A senior official said Friday that numerous lawyers were examining the ruling handed down earlier this week in Nebraska for its possible impact. "I know that lots of lawyers are looking at what the implications of it may be on our process. Nebraska has its own process that it has to go through," said Roberta Jacobson, the [Read more]
SaskPower delays carbon capture project
REGINA - SaskPower says its highly touted carbon capture and storage project at the Boundary Dam power station near Estevan will not be ready on time. It was supposed to start storing some of the carbon emitted from the coal-fired power plant in April. The Crown corporation says the carbon capture facility is ready, but there have been some unexpected findings on the power plant side. The plant is being rebuilt and the utility says there have been some design changes and retrofitting [Read more]
Oil down on falling Chinese factory activity
The price of oil slipped below US$103 a barrel Thursday after a report indicated that manufacturing in China, the world's second-biggest economy, shrank again in February. Benchmark West Texas Intermediate crude for March delivery fell 39 cents to close at US$102.92 a barrel on the New York Mercantile Exchange on the last day of trading for the contract. Crude for April delivery fell nine cents to close at US$102.75. Oil prices fell after a monthly survey by HSBC found that China's [Read more]
Keystone XL pipeline dealt setback in court
WASHINGTON - Not even the U.S. president can save the Keystone XL pipeline project now — at least not by himself. The long-delayed plan suffered a major setback Wednesday when a Nebraska district judge ripped up a state law that could have forced landowners to allow the pipeline through their property. The ruling opens up the prospect of more regulatory hurdles, complicated negotiations with landowners, legal fights and fresh delays, regardless of whether or not Barack Obama ever approves [Read more]
Arctic reindeer reserve eyed for oil and gas
OTTAWA - Tracts of land that had been set aside for reindeer grazing in Canada's North have instead been offered up by the Conservative government for oil and gas exploration, newly released documents show. Companies interested in obtaining petroleum exploration rights in the Mackenzie Delta and Beaufort Sea region of the Northwest Territories were asked last year to nominate blocks of land that they wanted to see included in a subsequent call for bids. Reindeer-grazing reserves near the [Read more]
Obama presses Harper on climate change sit-down at Three Amigos Summit
TOLUCA, MEXICO, Mexico - U.S. President Barack Obama used the podium of the Three Amigos summit on Wednesday to push Prime Minister Stephen Harper to work with him on reducing greenhouse gas emissions, saying the science that supports climate change can't be denied.Obama gave Harper a primer on reducing greenhouse gases as he answered a question about why he has not approved the Keystone XL pipeline."Stephen and I, during a break after lunch, discussed a shared interest in working together [Read more]
B.C. premier brushes aside doubts about pace of liquefied natural gas plans
VANCOUVER - British Columbia Premier Christy Clark insisted Wednesday it's still possible her much-hyped vision for liquefied natural gas could start bringing in cash in three years' time, a day after her own finance minister appeared to temper those expectations.Clark won last year's provincial election in large part on a promise to foster a trillion-dollar LNG industry that she said could create more than 100,000 jobs and wipe out B.C.'s debt. The province would start collecting LNG revenues, [Read more]
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