CALGARY - To take the temperature of the local economy, Lloydminster Mayor Gerald Aalbers only needs to look out the window. From his office at City Hall, Aalbers — who, because Lloydminster straddles the Alberta-Saskatchewan boundary, has the unique distinction of serving residents in two provinces — has a direct line of sight to Highway 16. The highway is a major east-west corridor frequented by heavy-haul trucks and half-tons on their way to the oilfields that dot the surrounding [Read more]
Price discount for Canadian oil widened in October; experts see weakness until 2023
CALGARY - Oil from Western Canada is once again trading at a significant discount compared to global prices. A Scotiabank report says the difference between the price of Western Canada Select (WCS) — an oilsands bitumen blend — and New York-traded West Texas Intermediate (WTI) has widened dramatically in October, to more than US$25 per barrel. That's the most significant price differential Canadian oil producers have had to contend with since 2018. At that time, a lack of pipeline [Read more]
Hall Findlay, Suncor Energy’s first ‘chief climate officer,’ to retire from role
CALGARY - Suncor Energy Inc. says Martha Hall Findlay will retire from her role as the company's first chief climate officer at the end of November. Hall Findlay joined Suncor in 2020 as the company's chief sustainability officer. Her appointment as chief climate officer in February of this year was the first of its kind in Canada's energy sector. Suncor did not provide a reason for Hall Findlay's departure after less than a year in the role. However, the Globe and Mail reported [Read more]
Oilsands group pledges to spend $16.5B on carbon capture project by 2030
CALGARY - Canada’s biggest oilsands companies say they will spend $16.5 billion before 2030 on a massive proposed carbon capture and storage facility that is the centrepiece of their net-zero-by-2050 pledge. The Pathways Alliance, a consortium of the country’s six largest oilsands companies, said Friday it will also spend an additional $7.6 billion on other emissions reductions projects, for a total of around $24.1 billion. The announcement comes as Canada’s oil and gas industry has been [Read more]
Let’s get serious about a Putin-era strategy for energy, economy, climate: Freeland
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]
‘I’m back:’ Danielle Smith chosen as United Conservative leader, next Alberta premier
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]
How will OPEC+ cuts affect oil prices, inflation?
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]
Suncor Energy Inc. selling wind, solar assets to Canadian Utilities Limited
CALGARY - Suncor Energy Inc. says it is selling its wind and solar assets to Canadian Utilities Limited for $730 million. The move follows Suncor's announcement last April that was divesting its wind and solar assets to focus on areas of energy expansion, including hydrogen and renewable fuels. The Calgary-based oilsands giant says in a release Wednesday that it wants to concentrate on its core business as it progresses to net-zero by 2050. Kris Smith, Suncor's interim president and [Read more]
OPEC+ weighs large oil cutback to boost sagging prices
FRANKFURT, Germany (AP) — The OPEC+ alliance of oil-exporting countries on Wednesday will debate a potentially large cut in the amount of crude it ships to the global economy — a move that could help Russia weather a looming European ban on oil imports and raise gasoline prices for U.S. drivers just ahead of national midterm elections. Energy ministers from the OPEC cartel, whose leading member is Saudi Arabia, and allied non-members including Russia are meeting in person at the group's [Read more]
Sweden sends special diving vessel to area of pipeline leaks
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]
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