The price of oil climbed above $107 a barrel Thursday as the escalating violence in Egypt was seen as threatening stability in the Middle East, and U.S. crude supplies fell in a possible sign of stronger demand. By early afternoon in Europe, benchmark crude for September delivery was up 48 cents to $107.33 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose 2 cents to close at $106.85 on Wednesday. The Egyptian Health Ministry said that 525 people had died [Read more]
Marcellus gas production rising fast in Pa., W.Va.
PITTSBURGH (AP) -- Marcellus Shale natural gas production is rising even faster this year than energy experts had predicted, and that's having a national impact on energy. Bentek, a Colorado company that analyzes energy trends, said 2013 production in Pennsylvania and West Virginia is up about 50 percent compared with last year. Figures for the pipelines that take gas out of the Marcellus show that in the first six months of the year, Pennsylvania produced about 1.5 trillion cubic feet of [Read more]
CP Railway now in Quebec gov’t crosshairs; money demanded for Lac Megantic cleanup
MONTREAL - The Canadian Pacific Railway is now on the Quebec government's list of targets as it seeks to recover the cleanup costs from the Lac-Megantic disaster.The big railway has been added to a legal notice issued by the provincial government, which wants companies to pay for the water and soil cleanup.CP (TSE:CP) has been added to the list because, the government said Wednesday, it was the main contractor responsible for the fateful oil shipment from North Dakota to New [Read more]
Six cuffed in Hamilton courtroom disturbance as Enbridge pipeline protesters appear
HAMILTON - At least six people ended up in handcuffs following a disturbance in a Hamilton courthouse as 13 people charged after a blockade in June were to appear on trespassing charges.Spectators were warned by the judge for clapping and making noise in the courtroom Wednesday afternoon and the disturbance erupted after the judge asked a woman was asked to leave.There were several physical altercations involving police at the exit to the courtroom that resulted in several people being [Read more]
Anti Keystone XL billionaire challenges pipeline boss to live debate
CALGARY - A San Francisco billionaire has challenged TransCanada boss Russ Girling to a live debate on the controversial Keystone XL oil pipeline.Tom Steyer, an ardent critic of the project and a major Democratic financier, extended his invitation in an open letter to Girling on Tuesday."I care so much that the truth comes out that I hereby challenge you to a debate on the merits and faults of the Keystone XL pipeline," Steyer wrote."Let's have a real, substantial conversation about [Read more]
Danielle Smith criticises Obama in Washington editorial
Alberta's Opposition leader has taken aim at U.S. President Barack Obama in an opinion piece in a Washington newspaper. Danielle Smith, leader of the Wildrose party, says in the Washington Times that Obama's recent claims about the proposed Keystone XL pipeline have no basis in economic reality. Obama recently told the New York Times that the proposed pipeline from Alberta to the U.S. Gulf Coast would create few lasting jobs. Smith's editorial says Obama compares poorly with [Read more]
China poised to become the world’s largest net oil importer later this year
Source: U.S. Energy Information Administration Short-Term Energy Outlook, August 2013. Note: Net oil imports are defined as total liquid fuels consumption less domestic production. EIA's August 2013 Short-Term Energy Outlook (STEO) forecasts that China's net oil imports will exceed those of the United States by October 2013 on a monthly basis and by 2014 on an annual basis, making China the largest importer of oil in the world. The imminent emergence of China as the world's largest [Read more]
No More Spills? New Technology Could Transform the Pipeline Sector
The 2010 Kalamazoo spill and the 2013 Exxon leak in Arkansas are the most glaring incidents, but these are just the big leaks that are found right away and reported. Most leaks are found eventually—but there is money to be saved and damage to be avoided by catching them at the smallest rupture. Right now, we rely on pigs in the pipeline to do this. It's called "pigging". Pigs are inspection gauges that can perform various maintenance operations on a pipeline—from inspection to [Read more]
West-east pipeline benefits Canada: Harper
SAINT JOHN, N.B. - The proposed Energy East Pipeline isn't solely to transport Alberta's crude to world markets, but also to finally provide the East Coast with a large, secure supply of domestic oil, Prime Minister Stephen Harper said Thursday.Harper was visiting the Irving Oil refinery in Saint John, where he said the TransCanada (TSX:TRP) pipeline would benefit consumers in Atlantic Canada, a region that depends on foreign sources of oil."We're not just expanding our markets for our [Read more]
Oil helps keep Saskatchewan budget in black as potash and other revenues fall
REGINA - Falling revenue from potash, taxes and Crown land sales is hitting Saskatchewan's bottom line, but more oil money is keeping the books in the black so far.The Saskatchewan government said in its first-quarter budget update that stronger oil prices are expected to increase revenue by $92 million. But revenue from Crown land sales is forecast to drop $45.6 million, potash revenue is expected to be down $21.3 million and tax revenue looks to fall by $15 million from March budget [Read more]