Energy markets were relatively tame Wednesday, with both oil and natural gas showing small declines. Benchmark west Texas Intermediate crude for April delivery slipped 19 cents to close at US$102.40 a barrel on the New York Mercantile Exchange. Natural gas futures fell three cents to US$4.51 per 1,000 cubic feet as weather forecasts indicate households won't have to raise the thermostats so much in the second half of March. Brent crude, which is used to set prices for international [Read more]
Encana flags anti-fracking push in Colorado as a risk to business
CALGARY - Canadian energy giant Encana Corp. says its operations in Colorado could be hampered by a state ballot initiative that, if successful, would bring oil and gas drilling under local government control. Groups concerned about the impacts of industry activity want to amend the state's constitution to give municipalities the right to limit energy development. "Notwithstanding any other provision of law, local governments in Colorado may place restrictions on the time, place or method [Read more]
EU’s top court rules Spanish $18 billion fuel tax illegal, paves way for compensation claims
BRUSSELS - The European Union's top court has ruled that a fuel tax applied by Spanish regions to help finance health care is illegal, possibly opening the door to compensation claims totalling millions of euros (dollars).The Luxembourg-based Court of Justice said Thursday that the way the gas station tax was set up violated EU laws.The tax brought in some 13 billion euros ($18 billion) between 2002 and 2011. Affected consumers can now reclaim the tax in court.The case was brought by a transport [Read more]
Harper should shoulder part of blame for Keystone delays: Joe Clark
WASHINGTON - Joe Clark is telling a Washington audience that the Harper government deserves some of the blame if the Keystone XL pipeline is stalled. The former prime minister and foreign-affairs minister is in the U.S. for a panel discussion on his new book about foreign policy. The book is deeply critical of the Harper Tories for a "megaphone" approach to foreign policy — marked by loud grandstanding and little constructive engagement with the world. The Harper government made a big [Read more]
State Department IG Keystone XL contractor followed federal rules
WASHINGTON - The State Department's inspector general says a contractor that helped write an environmental review of the proposed Keystone XL oil pipeline complied with federal rules regarding possible conflict of interest.A report issued Wednesday said the contractor, Environmental Resources Management, fully disclosed its previous work with the pipeline operator, Calgary-based TransCanada. None of the work for TransCanada involved Keystone XL.London-based ERM largely wrote the State [Read more]
Oil up as US supplies rise less than expected; natural gas down
The price of oil rose Wednesday as U.S. oil supplies increased less than expected, but natural gas futures fell again on forecasts of warmer weather by the middle of March. Benchmark West Texas Intermediate crude for April delivery rose 76 cents to US$102.59 a barrel on the New York Mercantile Exchange. The U.S. Energy Department said crude oil supplies rose by 68,000 barrels last week, well below the increase of 1.5 million barrels expected by analysts surveyed by Platts. Supplies at the [Read more]
Anti-keystone U.S. senators rant about Alberta oilsands: ‘Health miseries follow tar sands”
WASHINGTON - 'Horror stories' about the Alberta oilsands' impact on human health are being shared in Washington, D.C. A pair of anti-Keystone XL senators invited witnesses Wednesday to provide anecdotes about the effect on people near sites where the oil is extracted, transported and refined. They hope these human-interest stories might influence the Obama administration as it prepares its final decision on the Keystone XL pipeline. One of the speakers at the event was John O'Connor, an [Read more]
Alberta budget on track for 6th straight deficit despite stronger oil and gas revenues
EDMONTON - Alberta Finance Minister Doug Horner says the province will remain in the hole for the 6th straight year despite higher oil and gas revenues and a lower Canadian dollar. Horner says the province has borrowed $2.7 billion to pay for infrastructure. The rainy day savings contingency account is projected to be at $4.6 billion. Horner is to deliver the new provincial budget March 6. He says he plans to hold spending in place given the volatility of oil and gas revenues. [Read more]
US federal emergency order requires tests of crude oil before shipment by train
WASHINGTON - Federal regulators issued an emergency order Tuesday requiring tests of crude oil before shipment by rail to determine how susceptible the cargo is to explosion or fire, a response to a string of train accidents since last summer involving oil from the Bakken region of North Dakota and Montana.The order also would place crude oil under the two most protective sets of hazardous materials shipping requirements, rather than allowing some shipments to be treated as less dangerous, the [Read more]
Crude below US$102 a barrel, natural gas falls 6%, on shifting weather forecasts
Oil and natural gas prices fell Tuesday as weather forecasts backed off previous predictions of unusually cold temperatures in March and April. Benchmark West Texas Intermediate crude for April delivery dropped 99 cents to close at US$101.83 a barrel on the New York Mercantile Exchange. Natural gas futures fell 35 cents, or 6.4 per cent, to US$5.10 per 1,000 cubic feet after having plunged 11 per cent Monday. Forecasters predict one of the coldest starts to March in history, but later next [Read more]
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