Alberta Premier Jason Kenney says he’ll be raising the alarm over the federal government’s emissions reduction plan when he meets with Canada’s premiers over the next two days. Kenney says the reduction plan is “pie in the sky,” calling it a “ridiculous” target with no proper plan for implementation. The premier, who made the comments at the Calgary Stampede’s annual breakfast, says the implications of the plan would be devastating for Alberta just as the world needs more of its [Read more]

WASHINGTON – The federal government has found a powerful supporter for its decision to allow a natural gas pipeline between Russia and Europe to resume operations. The U.S. State Department says it backs Canada’s decision to send repaired turbine equipment vital to the Nord Stream 1 pipeline back to Germany. Spokesman Ned Price says it’s the right decision because it will allow Europe to fortify its gas reserves in the short term. Price says that will, in turn, help Germany and others [Read more]

CALGARY - To outsiders, it's a rodeo — a 10-day party featuring cowboy hats, country music and an abundance of pancakes. But the Calgary Stampede — which kicks off in earnest Friday with its first in-person parade since 2019 — is also a high-powered networking event, as well as an excuse for boozy client appreciation lunches. For dealmakers, the Stampede is an important business event and an economic barometer for a city and a province. That's why the six-fold increase in year-over-year [Read more]

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]

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]

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]