BANGOR, Maine (AP) -- A railroad company whose runaway oil train caused a fire and explosion that killed 47 people in a small town in Canada filed for bankruptcy protection on Wednesday. The Montreal, Maine and Atlantic Railway Inc. filed for Chapter 11 bankruptcy protection in U.S. and Canadian courts, citing debts to more than 200 creditors following the July disaster in Lac-Megantic, Quebec. Company Chairman Ed Burkhardt had said previously that a bankruptcy filing was likely following [Read more]
Governments, industry team up on pipeline research
EDMONTON - At least three governments and two energy industry groups are leading what they hope will be a "pan-Canadian" approach to find ways to improve the country's pipelines.As three controversial megaprojects generate headlines across the country, the Canadian Pipeline Technology Collaborative is to look for ways to make the system safer and more efficient, said industry spokeswoman Brenda Kenny."The program objective is, number one, technology development," said Kenny, who is [Read more]
Keystone XL would create jobs: Harper
QUEBEC - The Keystone XL pipeline would create jobs in Canada and the United States and ensure North American energy security, Stephen Harper said Friday after U.S. President Barack Obama suggested the long-lasting job effects would be minimal."In terms of the Keystone pipeline, the perspective of this government is very clear, it is very well known by everyone in Washington," the prime minister said in response to a reporter's question about Obama's remarks."Our No. 1 priority in [Read more]
US, Canada conduct Bering Strait spill drill
ANCHORAGE, Alaska (AP) - In a signal of increasing concerns over Arctic shipping, U.S. and Canadian coast guard vessels have conducted their first joint Arctic offshore oil spill drill near the Bering Strait.Two days of test of vessels and equipment were scheduled at Port Clarence, a protected bay near the strait, although poor weather limited actual deployment of spill gear to one day, said Coast Guard spokesman Chief Petty Officer Kip Wadlow.Port Clarence has been designated by the Coast Guard [Read more]
Harper says pipeline projects good “in principle”
QUEBEC - Prime Minister Stephen Harper says pipeline projects such as TransCanada Corp.'s proposed Energy East venture are good in principle and that it is important for Canadians to benefit from the country's energy products.But Harper said any such projects in Canada will be subject to a rigorous independent analysis.Harper said Friday that job-creation is his government's top priority and that pipeline projects can help in that area.The Energy East pipeline would deliver up to 1.1 [Read more]
Despite boom, higher costs push Big Oil into slump
NEW YORK (AP) - New troves of oil have been found all over the globe, and oil companies are taking in around $100 for every barrel they produce. But these seemingly prosperous conditions aren't doing much for Big Oil: Profit and production at the world's largest oil companies are slumping badly.Exxon Mobil, Shell and BP all posted disappointing earnings this week. Chevron is expected to post a profit decline Friday. All of them face the same problem: The cost to get newfound oil from remote [Read more]
Energy East Pipeline a political boost to Harper
OTTAWA - Apparently stymied to the West and possibly to the South, the Harper government's pipe dreams for turning Canada into an energy superpower got a measure of credibility with Thursday's unveiling of a plan to carry Alberta crude east.The $12 billion Energy East proposal to pipe crude from Alberta to the Atlantic — once considered the least likely escape route for the landlocked resource — has overnight vaulted as the pipeline with the best prospects for success, and the most [Read more]
Oil soars on positive signs for global economy
NEW YORK (AP) -- The price of oil is suddenly marching upward again. Oil rose $2.86 a barrel Thursday, for a two-day gain of $4.81, or 4.7 percent. That erased a $4 decline in the week ended Tuesday. Positive signs on the global economy were the catalyst Thursday. Data from China and Europe showed improvement in manufacturing. In the U.S., in addition to a strong report on manufacturing, a drop in unemployment claims indicated a strengthening job market. Even with those signs of [Read more]
Saskatchewan premier Wall welcomes plan for pipeline to move western oil east
SASKATOON - Saskatchewan Premier Brad Wall says a proposed pipeline that would move oil from Western Canada to the East Coast would bring many benefits to his province.TransCanada Corp. has announced that it is moving ahead with a $12-billion plan to ship crude oil from Alberta, through Saskatchewan and on to eastern refineries.The pipeline would move 1.1 million barrels of oil a day and would use existing natural gas lines in Saskatchewan as well as new lines.Wall says the project [Read more]
Suncor says production reaching new heights as it catches up after outages
CALGARY - Suncor Energy Inc. says maintenance downtime and pipeline outages had an impact on its second-quarter profits, but the company expects operations will "run reliably" for the rest of 2013."We anticipate the total production for the year will fall in the lower half of the guidance range," said chief executive Steve Williams in a conference call on Thursday."Obviously this implies strong production through the second half of the year, and that's exactly what we're [Read more]