Canada’s contentious Trans Mountain pipeline is no longer profitable, a parliamentary budget watchdog has found, as the expansion project on the country’s west coast has faced years of delays, skyrocketing costs, and opposition from local communities. In a report on Wednesday, the Office of the Parliamentary Budget Officer said the Canadian government’s 2018 decision “to … Read more
Head of IEA says Europe needs ‘contingency plans’ as Russia may further reduce gas deliveries amid its war in Ukraine. Russia may cut off gas to Europe entirely as it seeks to bolster its political leverage during the Ukraine crisis, the head of the International Energy Agency (IEA) said, adding Europe needed to prepare now. … Read more
US official says absent return to nuclear deal, Washington will use sanctions to limit Iranian petrochemical exports. The United States has imposed sanctions on Chinese and Emirati companies, as well as a network of Iranian petrochemical producers, accusing them of helping to “evade sanctions” by supporting the sale of Iran’s petrochemical products abroad. In a … Read more
Harold Hamm, CEO of Continental Resources Shale Oil Company, delivers a speech on the third day of the Republican National Convention on July 20, 2016 at the Quicken Loans Arena in Cleveland, Ohio. Alex Wong | Getty Images Shale producer Continental Resources said on Tuesday it has received an all-cash buyout proposal from billionaire-founder Harold … Read more
The average price for regular unleaded petrol rose to $5.004 a gallon on Saturday from $4.986 a day earlier, AAA says. The price of US gasoline has averaged more than $5 a gallon (3.79 liters) for the first time, data from the AAA showed, extending a surge in fuel costs that is driving rising inflation. … Read more
JP Morgan’s Marko Kolanovic predicts oil is surging higher—but so are stocks. Kolanovic, who serves as the firm’s chief global markets strategist and co-head of global research, believes the US economy is strong enough to handle oil prices as high as $150 a barrel. “There could be some potential further spikes in oil, especially given… … Read more
The group has finally bowed to months of pressure from major consumers to help ease the pain of high energy prices. By Salma El Wardany and Ben Bartenstein and Grant SmithBloomberg Published On Jun 2, 2022Jun 2, 2022 OPEC+ will increase the size of its oil-supply hikes by about 50%, bowing to months of pressure … Read more
Brent crude is on course for a sixth straight monthly climb that would be the longest such run in more than a decade. By Paul Burkhardt and Grant SmithBloomberg Published On 30 May 2022May 30, 2022 Oil climbed to a two-month high as China eased anti-virus lockdowns and the EU worked on a plan to … Read more
GasTerra has refused to agree to Moscow’s demands for payment in roubles, the Dutch company GasTerra said on Monday. GasTerra will no longer receive gas from Russia’s Gazprom from May 31 after refusing to agree to Moscow’s demands for payment in rubles, the two companies said on Monday. GasTerra, which buys and trades gas on … Read more
One gas analyst predicts a “painful summer ahead” for Lower Mainland residents as domestic and international factors continue to drive an increase in the cost of gas. The price at the pumps reached 211.9 per liter at many Metro Vancouver stations on Wednesday, as the European Union proposed a phased embargo on Russian oil. 1:51 … Read more
