REGINA - Saskatchewan Premier Brad Wall says musician Neil Young's comparison of the oilsands to Hiroshima is insensitive and ignorant of the facts. Wall says he believes Young lost a lot of credibility by making the comments before a concert in Toronto on Sunday. Young held a news conference during which he compared the landscape at a Fort McMurray industrial site to the devastation caused by the atomic bomb in Japan. Wall says he disagrees with how Young is characterizing the [Read more]
Redford says India keen for oilsands exports
EDMONTON - Premier Alison Redford says the government of India is keen on tapping into Alberta's oilsands bitumen for its rapidly expanding economy. Redford says the oilsands were just one topic she discussed with India's energy minister during her trade mission to India. Redford says the southeast Asian country's growing middle class needs imports of oil and gas. She says the energy minister also talked about shale gas development and India taking a stronger role in developing the [Read more]
Oilsands could put TRILLIONS into economy: leader
EDMONTON - All of Canada should be working to develop Alberta oilsands because the trillions of dollars it can generate can go to help other areas of the country, says an economic leader. Brad Ferguson, president and CEO of the Edmonton Economic Development Corporation, says northern Alberta could contribute $2.1 trillion to the Canadian economy over the next twenty years, or $105 billion dollars a year. “It’s an enormous number," Ferguson said Tuesday at the group's annual [Read more]
Encana CFO: Deep Panuke sale possible
CALGARY - Encana Corp.'s (TSX:ECA) may decide to get rid of its Deep Panuke offshore natural gas project in Nova Scotia, chief financial officer Sherri Brillon told an investor conference Tuesday. "It doesn't really fit our portfolio," Brillon told the BMO Capital Markets Unconventional Resource Conference in New York. Brillon says the project has been making good money during a particularly nasty winter that has seen demand for natural gas — a fuel used to heat homes — soar in North [Read more]
US oil prices rise along with stock market
The price of U.S. oil was up nearly one per cent Tuesday along with a rising stock market. Global crude slipped, though, on the prospect of rising supplies from Libya, the North Sea and Iran.Benchmark West Texas Intermediate crude for February delivery rose 79 cents to close at US$92.59 a barrel on the New York Mercantile Exchange.Brent crude, used to set prices for international varieties of crude used by many U.S. refineries, fell 86 cents to close at US$106.39 in London."The overall outlook [Read more]
Alberta should offer energy incentives: report
EDMONTON - A report says Alberta could save money and cut greenhouse gas emissions if it offered people and businesses financial incentives to become more energy efficient.The report was put together by the Alberta Energy Efficiency Alliance and submitted to the provincial government."The No. 1 action that we would like to see right now is for the provincial government to put some of their climate change emission management fund dollars into energy efficiency programs," Jesse Row, the alliance's [Read more]
Canexus crude-by-rail project costs soar
CALGARY - Canexus Corp. says the price tag of its oil-by-rail terminal expansion project in Bruderheim, Alta., has risen by 40 per cent over the previous cost estimate of $225 million.The stock was down about 13 per cent to $6.56 at mid-day on the Toronto Stock Exchange.CEO Gary Kubera says the company is disappointed with the revised estimate, but noted Canexus has "established a state-of-the-art facility."The first phase of the expansion is in the process of starting up and the company expects [Read more]
Opposition criticizes Alberta $1B loan guarantee for refinery
EDMONTON - Alberta's official Opposition says a $1-billion loan guarantee from the government to a refinery project shows poor business judgment. Wildrose party critic Jason Hale says the money is at risk because the project has already hit cost overruns and delays at a time when other refinery developments are being mothballed. On Friday, Premier Alison Redford's cabinet agreed to put up $1 billion in provincially backed loans or other guarantees for the $8.5-billion North West Redwater [Read more]
Time to phase out older tank cars: CN Rail
OTTAWA - The head of safety for CN Rail says the railway industry wants to phase out older model tank cars that have been implicated in several recent accidents.But the consensus at a forum on rail safety in Ottawa was that there's no quick fix for a decades-old problem that has almost 80,000 sub-standard tank cars carrying flammable liquids on North American tracks — and that the cost will eventually be borne by consumers.A derailment and fire involving a CN train in northwestern New Brunswick [Read more]
Neil Young calls oilsands development “greediest, most destructive, disrespectful” (video)
TORONTO — Singer Neil Young has launched a blistering attack on the Harper government and Alberta’s oilsands, calling the development "the greediest, most destructive, disrespectful demonstration". Young told a news conference on Sunday as far as the governing Conservatives are concerned, “money is number one, integrity isn’t even on the map.” The news conference was to kick off the first of four concerts aimed at raising support for an Alberta First Nations that is fighting development of [Read more]
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