CALGARY - Finance Minister Joe Oliver's assertion that there has been no recession in Canada this year is of little solace in Alberta."It reminds me of that legend of Nero fiddling while Rome burned," said Keith Brownsey, a political scientist at Calgary's Mount Royal University."Apparently there's no recession," Brownsey scoffed. "You tell that to people in this town right now."Oliver made his pronouncement on the recession in an interview with The Associated Press on Wednesday."We don't [Read more]
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New report suggests ending Alberta’s gross revenue royalty structure
With royalty review given the go-ahead for late 2016 by the Alberta provincial government, the question now remains what the Royalty Review Panel’s final recommendation will look like. A report released today by the C.D. Howe Institute offers a starting point for the discussion on what changes, if any, should be introduced to Alberta’s resource tax system. With $75 billion in oil & gas tax revenues collected between 2009 and 2013, and said revenues accounting for a whopping 21.8 percent [Read more]
‘Dirtiest fuel’: Clinton makes Canadian oil an election issue
WASHINGTON - A campaign promise by Hillary Clinton rippled across the border into Canada's federal election on Wednesday, with parties responding to her call for a broad, North American climate-change plan.She released a policy paper that proposed climate negotiations among Canada, the U.S. and Mexico, one day after she announced her opposition to the Keystone XL pipeline.The position paper from the presidential contender added a new wrinkle to a pipeline issue that has already inserted itself [Read more]
C.D. Howe says design of Alberta royalty regime should be overhauled
CALGARY - The C.D. Howe Institute has some advice for Alberta's royalty review panel: focus on the design of the system rather than the rates oil and gas producers have to pay.A new report from the think-tank argues Alberta's current regime for conventional oil and natural gas royalties in Alberta leaves a lot to be desired.Right now, those royalties are calculated based on gross revenues, but the report says a cash-flow tax would be a better way to increase the government's take without [Read more]
Notley tells business leaders energy industry must clean up its act
EDMONTON - The energy industry will be critical to Alberta's economy for many years to come, but it must "clean up its environmental act," the province's premier told business leaders Tuesday night.In her keynote address to the Alberta Chambers of Commerce, Premier Rachel Notley acknowledged the fiscal challenges facing the province while sounding a note of optimism about its future.She said her NDP government will work to promote a healthy business climate, noting she will be travelling to New [Read more]
8 Things Most People Don’t Know About the Keystone Pipeline
As anyone who has looked to energy news for the past few years knows, the Keystone XL Pipeline has been a hot topic of contention. The proposed pipeline from Canada to the Gulf Coast of the United States is controversial because it can help create thousands of jobs in Canada and the United States, as well as lower fuel costs. But as with any new change to the energy industry, there are the environmental consequences to think of. To help give a better perspective on what the Keystone Pipeline is [Read more]
Sunshine Oilsands Ltd. Announcement of First Steam at the West Ells Project
HONG KONG, CHINA and CALGARY, ALBERTA--(Marketwired - Sept. 22, 2015) - Sunshine Oilsands Ltd. (a corporation incorporated under the Business Corporations Act of the Province of Alberta, Canada with limited liability) (HKEX:2012)(TSX:SUO). Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for [Read more]
Low commodity prices take a bite out of Saskatoon’s economy this year
OTTAWA, Sept. 23, 2015 /CNW/ - Lower prices for oil and other resources will lead to a slowdown in Saskatoon's economy this year, according to The Conference Board of Canada's Metropolitan Outlook: Autumn 2015. "Lower prices for many of Saskatchewan's key commodities, including oil, potash, uranium and wheat will push down economic growth in Saskatoon to its slowest pace since the 2009 recession," said Alan Arcand, Associate Director, Centre for Municipal Studies. "Economic [Read more]
Calgary’s economy slated for a downturn in 2015
OTTAWA, Sept. 23, 2015 /CNW/ - Following impressive growth of 5.1 per cent last year, Calgary's economy is expected to contract by 0.5 per cent in 2015 due to the dramatic drop in energy prices, according to The Conference Board of Canada's Metropolitan Outlook: Autumn 2015. "Oil sector woes are rippling across all sectors of Calgary's economy. Construction and oil and gas extraction output will fall, while manufacturing and services activity will slow this year," said Alan [Read more]
Alberta Energy Regulator overhaul review by year end
Marg McCuaig-Boyd says she will deliver a recommendation regarding the future structure of the Alberta Energy Regulator to Premier Rachel Notley by the end of 2015. The energy minister is currently examining whether the AER should be split or whether it is capable of performing the dual roles of developing the province’s oil and gas resources and enforcing environmental standards. “Is the mandate still the current one or do we have to look at changing it? Once we get that work done, I’ll [Read more]