OTTAWA - The Conservative Party of Canada is calling on Ottawa to drop the federal tax on gas and diesel fuel for the rest of the year. Conservative Leader Pierre Poilievre said Thursday that lifting the Fuel Excise Tax, Clean Fuel Standard and GST surcharges from gas and diesel would save about 25 cents a litre. Poilievre estimated the resulting reduction in tax revenue at $5.25 billion. The party said it would permanently eliminate the Clean Fuel Standard after 2026. Poilievre said [Read more]
Oil shock manageable but prices reflect assumption that conflict will end soon: BMO
TORONTO - Experts at BMO say that as dramatic as the swing in energy prices has been, the global economy should be able to manage through current levels. Chief economist Doug Porter says Canada has just seen the largest monthly gasoline price hike on record but that oil prices, when adjusted for inflation, are around where they largely hovered between 2005 and 2015. Speaking at an online seminar put on by the bank, he said the speed of change is certainly a shock to the system, but that [Read more]
Anand to join U.K.-led talks on Strait of Hormuz following trip to Riyadh
OTTAWA - Foreign Affairs Minister Anita Anand will join multi-nation talks hosted by the U.K. on Thursday on finding diplomatic options to reopen the Strait of Hormuz trade corridor. Anand says all countries involved should know Canada will not hesitate to help secure the strait once there is a ceasefire, but the Liberal government has not decided yet on specific measures. The Iran war has disrupted shipments of energy commodities through the strait, causing global oil prices to surge over [Read more]
Alberta’s Smith says two early deadlines for energy MOU with Carney will be missed
EDMONTON - Alberta Premier Danielle Smith says a deadline for reaching two agreements connected to her landmark energy deal with Ottawa will be missed. The November memorandum of understanding outlined a number of commitments and steps both levels of government would take to eventually see a new bitumen pipeline built connecting Alberta to B.C. tidewater. It set an April 1 deadline for four key arrangements that would be needed before a pipeline gets the greenlight, and Smith and Prime [Read more]
B.C. union calls for full-time work-from-home due to spiking gas prices
BURNABY - The BC General Employees' Union is asking for provincially regulated employees to be allowed to work from home full-time due to high fuel prices. The union that represents 35,000 public service workers among more than 95,000 members says in a statement that the temporary allowance would "help alleviate" the burden facing members due to gas prices that have surged amid the Iran war. The union also says the province should look at ways to "provide temporary relief" for workers who must [Read more]
Keyera says deal for Plains assets taking longer than expected
CALGARY - Keyera Corp. says its deal to buy the Canadian natural gas liquids business of U.S. firm Plains is taking longer than expected. The company says the deal continues to advance through the regulatory process, but it's no longer expected to close by around the end of the first quarter of this year. Keyera says it's now working toward closing the transaction in May, based on the current status of the regulatory process. Keyera chief executive Dean Setoguchi says the company [Read more]
‘Massive operation’: Canadian driller, shipper enlisted to help tap Greenland oil
CALGARY - The promotional video shows a small creek trickling through a mossy patch in an otherwise brown, barren landscape, icebergs looming just offshore. A petroleum engineer dips a hand into the stream, then takes a sniff. "It smells like crude oil," he says, grinning at the camera. A small group of contractors and engineers were filmed as they joined veteran U.S. oilman Robert Price on a visit to Jameson Land, a remote peninsula about halfway up Greenland's eastern coast. The [Read more]
Small population, big infrastructure needs: Northern Canada facing power struggles
Representatives from all three Canadian territories say the need to improve their aging electricity grids has reached a critical level requiring billions of dollars from the federal government to update, and in some cases, keep the lights on. Yukon's energy minister says the need is "no longer theoretical" after a frigid week in December nearly required rolling blackouts in Whitehorse. Temperatures nearing -50 C saw demand hit 90 per cent of what could be generated, at a time outside of [Read more]
Price surge from Trans Mountain expansion highlights need for new pipelines: MEI
CALGARY - A new report says Canada's ability to sell oil in markets outside of the United States has paid off big time so far, underscoring the urgent need for more pipelines to coastal waters. Public policy think tank MEI says the average price-gap between light U.S. and heavy Alberta crude blends narrowed by 37.5 per cent between the 18-month leadup to the Trans Mountain pipeline expansion's completion in 2024 and the 18 months that followed. It says that resulted in a US$16.7-billion [Read more]
LNG Canada, Coastal GasLink sign pipeline deal, bringing projects closer to reality
VICTORIA - The companies behind the Coastal GasLink pipeline and the massive LNG Canada facility in Kitimat, B.C., have signed agreements that bring both of their second phases closer to reality. TC Energy says the agreement to establish a "comprehensive commercial framework" is an important milestone for advancing its Coastal GasLink Phase 2, while supporting LNG Canada's pathway to a final decision on its second stage. The LNG Canada expansion is on Prime Minister Mark Carney's list of [Read more]
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