The White House is considering proposals that would tax oil and gas windfall profits in order to provide a benefit to consumers struggling with higher energy prices, a U.S. official said on Thursday. Bharat Ramamurti, the deputy director of President Joe Biden's National Economic Council, said the administration has been examining U.S. Senate and House of Representative proposals that could hike taxes on energy producers in order to provide a subsidy to consumers. "We are very much open to [Read more]
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U.S. natgas futures up 2% on output drop ahead of storage report
U.S. natural gas futures gained about 2% to a one-week high on Thursday on a decline in output over the past few days, an increase in the amount of gas flowing to liquefied natural gas (LNG) export plants and record power demand in Texas. That gas price increase also came ahead of a weekly report expected to show last week's storage build was smaller than usual because power generators burned more gas to keep the lights on due to high coal prices and a lack of wind power. Power use in [Read more]
Oil prices steady while investors await OPEC+ policy
Oil prices were steady on Thursday, even as investors cashed in on a recent rally ahead of a key producers meeting later in the day, with some speculation that Saudi Arabia may boost oil production in response to urging by the United States. U.S. West Texas Intermediate (WTI) crude climbed 55 cents, or 0.47%, to $115.34 a barrel, after a 0.5% rise on Wednesday. Brent crude rose 49 cents, or 0.42%, at $116.24 a barrel, having risen 0.6% the previous day. The benchmarks have marched higher [Read more]
Column: People, you better vote for better energy policy, and fast
If there’s any point to energy writing, it is to perhaps try to pull together disparate bits of information that the average citizen is too busy to notice, the sort of random and arcane stats and events that only genuine weirdos devote their spare hours to. Truffle pigs find the truffles. People learning about energy from the daily news hour is like learning about anatomy by watching Jackass. To get the real story, follow the nerds. If someone hears an activist and/or federal cabinet minister [Read more]
15 people charged with criminal contempt over pipeline protest, 10 others await fate
PRINCE GEORGE, B.C. - The British Columbia Prosecution Service says 15 people are being charged with criminal contempt of court following protests last fall over a natural gas pipeline being built near Houston in northern B.C. The prosecution service says it will take four more weeks to decide if there's enough evidence to charge an additional 10 people, while two others who were arrested won't be prosecuted. Court documents say all 27 people were arrested over six days between September [Read more]
B-32 Exploration closes $20.6 million financing
CALGARY, AB - B-32 Exploration Ltd. (the "Company") is pleased to announce the final closing of a series of non-brokered financings totaling $20.6 million. This last tranche was over-subscribed by over $1 million and brings the total funds raised since inception to $28 million. Larry Evans, Chairman and Chief Executive Officer, commented "This is an amazing feat considering the difficult market conditions for emerging private companies and is a testament to the quality of our dominant Duvernay [Read more]
OPEC+ working on making up for lower Russian oil output
OPEC+ is working on making up for a drop in Russian oil output, two OPEC+ sources said on Thursday, as Russia's production has fallen by around 1 million barrels per day as a result of Western sanctions on Moscow over Ukraine. One OPEC+ source familiar with the Russian position said Moscow could agree to other producers compensating for its lower output but it may not happen at a Thursday meeting and might not be in full. A Gulf OPEC+ source said a decision on the matter was "highly [Read more]
Moscow calls EU move to phase out Russian oil ‘self-destructive’
Russia warned on Thursday that the European Union's decision to partially phase out Russian oil would likely destabilize global energy markets, calling it a 'self-destructive' step that could backfire on the bloc. EU leaders agreed in principle on Monday to cut 90% of oil imports from Russia by the end of this year, the bloc's toughest sanctions yet since the start of the invasion of Ukraine, which Moscow calls a "special military operation". "The European Union's decisions to partially [Read more]
TransAlta Renewables announces rehabilitation plan for Kent Hills, executes 10-year contract extension with New Brunswick power, and receives waiver from project bondholders
CALGARY, AB - TransAlta Renewables Inc. (TSX: RNW) (the "Company" or "TransAlta Renewables") announced today that Kent Hills Wind LP ("KHLP"), the Company's indirect subsidiary, has amended and extended its current power purchase agreements ("PPAs") with New Brunswick Power Corporation ("NB Power") in respect of each of the Kent Hills 1, 2 and 3 facilities, representing total generating capacity of 167 MW. The amending agreements provide for a blend-and-extend of the PPAs for an additional [Read more]
Clearview Resources Ltd. reports credit facility update
CALGARY, AB - Clearview Resources Ltd. ("Clearview" or the "Company") announces an update on its credit facility with ATB Financial ("ATB"), its lender. CREDIT FACILITY UPDATE On June 1, 2022, the Company entered into a new agreement with its lender, establishing a $10.0 million revolving operating facility. The credit facility allows Clearview to repay its Export Development Canada Guarantee ("EDC") loan prior to the end of the term, thereby reducing interest costs on the principal amount [Read more]