WASHINGTON - Canada's deputy prime minister urged the world's democracies Tuesday to confront the hard economic truths of a perilous new world order and seek common cause in the shared values of prosperity, energy security, protecting the planet and free and fair trade. Chrystia Freeland delivered an eloquent obituary for the relative peace and stability of the 33 years between the fall of the Berlin Wall in 1989 and Russia's "barbaric violation" of Ukrainian sovereignty in late February of [Read more]

CALGARY - Danielle Smith has delivered a dramatic political comeback, winning the leadership of the United Conservative Party to become Alberta's next premier. Smith, a former leader of the Wildrose Party, captured nearly 54 per cent of the vote on the sixth round of the preferential ballot, defeating second-place candidate Travis Toews and five rivals. Brian Jean, also a former Wildrose Party leader, finished third. There were almost 85,000 votes cast out of 124,000 eligible [Read more]

FRANKFURT, Germany (AP) — Major oil-producing countries led by Saudi Arabia and Russia have decided to slash the amount of oil they deliver to the global economy. And the law of supply and demand suggests that can only mean one thing: higher prices are on the way for crude, and for the diesel fuel, gasoline and heating oil that are produced from oil. The decision by the OPEC+ alliance to cut 2 million barrels a day starting next month comes as the Western allies are trying to cap the oil [Read more]

COPENHAGEN, Denmark (AP) — Sweden has sent a vessel capable of “advanced diving missions” to the Baltic Sea area where ruptured undersea pipelines had leaked natural gas for days, the Swedish navy said Monday. Russian President Vladimir Putin on Friday accused the West of sabotaging Russia-built natural gas pipelines under the Baltic Sea to Germany, a charge vehemently denied by the United States and its allies, who noted that Russia has been blackmailing Europe with reduced gas supplies for [Read more]

TORONTO - Gas prices jumped overnight in some cities across Canada by as much as almost 20 cents. According to the CAA’s gas price tracker, the price of gas is up nationally by just over three cents on average at 158 cents per litre, with some provinces seeing higher jumps than others. In Alberta, prices are up by six and a half cents: almost nine cents in Edmonton, nine and a half in Sherwood Park. Across Ontario, prices are only up by two cents compared to Wednesday, but in some [Read more]

OTTAWA - Environment Minister Steven Guilbeault isn't warming to the idea of combating climate change by imposing a windfall tax on the massive profits being posted by Canadian energy companies. U.N. Secretary-General António Guterres this week said fossil fuel companies are making massive profits and should be taxed extra to pay for climate action and deliver help to people struggling with their energy and food bills. Guilbeault says Canada is already ensuring fossil fuel companies pay [Read more]

CALGARY - Two executives from Royal Bank of Canada say financial institutions will need to invest not just in green energy companies, but also in the fossil fuel industry, if Canada is to meet its climate change targets. RBC Capital Markets CEO Derek Neldner and RBC's head of ESG and Strategic Initiatives Lindsay Patrick were in Calgary Tuesday for an energy conference. Neldner said RBC believes it will cost Canada $2 trillion to achieve its goal of net-zero carbon emissions by 2050. He [Read more]

OTTAWA - Proponents of imposing a windfall tax on the Canadian oil and gas industry now have another global power setting precedent for the policy. On Wednesday, the European Commission proposed levying such a tax on the energy sector and redirecting funds to households and businesses struggling with high inflation. It estimates the policy would bring in 140 million euros (around $186 million) in revenue. The European Union is not the only jurisdiction to pursue an extra tax on the energy [Read more]