NEW YORK (AP) — The OPEC oil cartel and allied producing nations decided Thursday to boost production of crude by an amount that will likely do little to relieve high gasoline prices at the pump and energy-fueled inflation plaguing the global economy. The increase of 648,000 barrels per day in August leaves the world thirsty for oil as it rebounds from the COVID-19 pandemic and runs up against the inability of the 23-member OPEC+ alliance to meet its production quotas. OPEC+, which [Read more]
Higgs says New Brunswick LNG facility could help Europe cut energy ties with Russia
FREDERICTON - New Brunswick's premier says a liquefied natural gas facility in Saint John could be modified to help reduce Europe's reliance on fossil fuels from Russia. Blaine Higgs told reporters today in Nova Scotia that gas plant Saint John LNG, which is owned by Spanish firm Repsol, could be retrofitted to export gas in about three years. Higgs says energy solutions are needed so that the global economy isn't held ransom by Russia, which invaded Ukraine in February. He says the [Read more]
Clean fuel standards allow companies to get both tax credits and sell carbon credits
OTTAWA - Canada's new emissions standards for gasoline and diesel will allow oil companies that get a federal tax break for installing carbon capture and storage systems to generate credits based on those systems, which they can then sell to refineries and fuel importers. Cabinet approved the final regulations for the Clean Fuel Standard last week and The Canadian Press obtained them Monday ahead of their intended publication July 6. Gasoline and diesel suppliers can meet the new emissions [Read more]
Back in black: Alberta ends latest fiscal year with $3.9B surplus as oil, gas surge
EDMONTON - Alberta is back in the black in a big way — turbocharged by high-flying oil prices. Finance Minister Jason Nixon says the final number on the 2021-22 fiscal year, which ended on March 31, is a $3.9-billion surplus. It's the first time in seven years the provincial budget will not sport red ink on the bottom line. It represents a head-spinning turnaround from the $18.2-billion deficit predicted when the budget was introduced during the throes of the COVID-19 pandemic in [Read more]
Alberta finance minister to announce fourth quarter results on budget
EDMONTON - Alberta Finance Minister Jason Nixon is to deliver today the final numbers on the 2021-22 budget amid higher than expected oil prices. The budget, which ended on March 31, was last forecast to come in at a $3.2 billion deficit. However, Alberta benefited from surging oil prices throughout the earlier part of the year and predicts a $511-million surplus for the current 2022-23 fiscal year. West Texas Intermediate, the benchmark price for North American oil, has softened of [Read more]
‘Over the top hypocrisy’ of F1 oilsands protest helps Alberta’s case, Kenney argues
WASHINGTON - Premier Jason Kenney says he's not losing sleep over a Formula One driver's protest against the Alberta oilsands during last weekend's Canadian Grand Prix in Montreal. In fact, Kenney says the "over-the-top hypocrisy" of Sebastian Vettel's position helps him make the case for why the world should be looking to Alberta for its fossil-fuel energy. Kenney is back in the U.S. capital this week to help oilsands executives convince lawmakers on Capitol Hill that they're serious [Read more]
Woodpecker nest halts construction of TMX pipeline near Bridal Falls, B.C.
VANCOUVER - The discovery of a woodpecker's nest has halted construction of the Trans Mountain pipeline along a 400-metre stretch near Chilliwack, B.C. A statement from Trans Mountain Corp. says buffer zones around trees and vegetation have been marked with rope signs and flagging tape near Bridal Falls where the red-breasted sapsucker has been seen nesting. The Crown corporation says the area will not be cleared until there's confirmation from a wildlife resource specialist that no nests [Read more]
Alberta premier, oilsands execs in U.S. capital to rehabilitate Canada’s energy image
WASHINGTON - Alberta Premier Jason Kenney and oilsands industry executives are in the U.S. capital as part of a fresh push to rehabilitate the public image of Canada's fossil fuels. At the core of the effort is the Pathways Alliance, a coalition of oilsands producers that hopes to eliminate the industry's greenhouse gas emissions by 2050. The alliance is proposing a multibillion-dollar carbon capture and storage project that would store harmful emissions deep in the Prairies to keep them [Read more]
Gas tax break not currently on table as Liberals battle affordability problems
OTTAWA - The federal government has no immediate plans to cut prices at the pump by offering Canadians a temporary reprieve from the federal gas tax, Natural Resources Minister Jonathan Wilkinson said Tuesday. Canada is looking to stabilize global oil prices by increasing supply, something Wilkinson said is starting to happen. He said aid for Canadian families in the meantime is focused on areas Finance Minister Chrystia Freeland highlighted in a speech last week. Those include required [Read more]
Parliamentary Budget Officer says Trans Mountain pipeline to result in net loss for government
OTTAWA - The Parliamentary Budget Officer says the federal government now stands to lose money from its investment in the Trans Mountain pipeline. The latest analysis shows the net present value of the pipeline is negative $600 million, leaving it worth about $1.2 billion less than the PBO's estimate in December 2020. Estimated construction costs of the pipeline have skyrocketed from $12.6 billion to $21.4 billion since the last report and the completion date has been pushed back a year to [Read more]
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