April 2011 Alberta Economic Fundamentals
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Oilsands lauds Obama energy security plans
A plan by U.S. President Barack Obama to slash U.S. oil imports by more than 30 per cent over the next decade is excellent news for crude oil producers in Canada, including those in the oilsands, Alberta industry spokesmen said Wednesday.
Amid rising gasoline prices in America and ongoing turmoil in the Middle East, Obama announced a goal of cutting American oil imports -currently 11 million barrels a day -by boosting domestic production, increasing the use of natural gas, investing in biofuels and making vehicles more energy efficient.
"We cannot keep going from shock to trance on the issue of energy security, rushing to propose action when gas prices rise, then hitting the snooze button when they fall again," Obama said at Georgetown University on Wednesday.
Read the full article here.
A plan by U.S. President Barack Obama to slash U.S. oil imports by more than 30 per cent over the next decade is excellent news for crude oil producers in Canada, including those in the oilsands, Alberta industry spokesmen said Wednesday.
Amid rising gasoline prices in America and ongoing turmoil in the Middle East, Obama announced a goal of cutting American oil imports -currently 11 million barrels a day -by boosting domestic production, increasing the use of natural gas, investing in biofuels and making vehicles more energy efficient.
"We cannot keep going from shock to trance on the issue of energy security, rushing to propose action when gas prices rise, then hitting the snooze button when they fall again," Obama said at Georgetown University on Wednesday.
Read the full article here.
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Obama oil plan buoys Alberta
A plan by President Barack Obama to slash U.S. oil imports by more than 30 per cent over the next decade is excellent news for crude oil producers in Canada, including those in the oilsands, Alberta industry spokesmen said Wednesday.
Amid rising gasoline prices in America and ongoing turmoil in the Middle East, Obama announced a goal of cutting oil imports ` now 11 million barrels a day ` by boosting domestic production, increasing the use of natural gas, investing in biofuels and making vehicles more energy efficient.
`We cannot keep going from shock to trance on the issue of energy security, rushing to propose action when gas prices rise, then hitting the snooze button when they fall again,` Obama said at Georgetown University on Wednesday.
Read the full article here.
A plan by President Barack Obama to slash U.S. oil imports by more than 30 per cent over the next decade is excellent news for crude oil producers in Canada, including those in the oilsands, Alberta industry spokesmen said Wednesday.
Amid rising gasoline prices in America and ongoing turmoil in the Middle East, Obama announced a goal of cutting oil imports ` now 11 million barrels a day ` by boosting domestic production, increasing the use of natural gas, investing in biofuels and making vehicles more energy efficient.
`We cannot keep going from shock to trance on the issue of energy security, rushing to propose action when gas prices rise, then hitting the snooze button when they fall again,` Obama said at Georgetown University on Wednesday.
Read the full article here.
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Calgarians brace for Barlow Trail closure. How will it affect you?
It begins at exactly 12:01 a.m., Sunday, April 3.
One minute after midnight, teams from Calgary police, the city and the Calgary Airport Authority will take to the Barlow Trail intersections at Airport Road and 48th Avenue N.E., reflective barriers and concrete blocks in tow.
They`ll shoo off any remaining motorists, and permanently close that roughly 4.5-kilometre stretch of asphalt.
And crews will rip it up not long after that, as the Calgary Airport Authority steams ahead on building its new north-south runway and international terminal.
Then comes the 30,000-car-a-day question.
Read the full article here.
It begins at exactly 12:01 a.m., Sunday, April 3.
One minute after midnight, teams from Calgary police, the city and the Calgary Airport Authority will take to the Barlow Trail intersections at Airport Road and 48th Avenue N.E., reflective barriers and concrete blocks in tow.
They`ll shoo off any remaining motorists, and permanently close that roughly 4.5-kilometre stretch of asphalt.
And crews will rip it up not long after that, as the Calgary Airport Authority steams ahead on building its new north-south runway and international terminal.
Then comes the 30,000-car-a-day question.
Read the full article here.
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Labour shortage in oilpatch current reality
CALGARY ` Labour shortages aren`t looming in the Alberta oilpatch, they are already here, said the head of the Petroleum Human Resources Council.
As oil and natural gas liquids activity ramps up on the back of strong prices, conventional operations are having to compete not only with like-industries such as construction, but with unconventional projects ` the oilsands.
`Our shortage, just based on activity alone, is now, in 2011,` said Cheryl Knight Thursday at an Economic Society of Canada presentation.
In 2009 the oil and gas industry directly employed 172,000 people in operations, most in out in the field in the services sector, Knight said, at the Chamber of Commerce. Drilling and servicing rigs, or exploration and production, drew the next largest segment of workers, with the oilsands trailing third.
Read the full article here.
CALGARY ` Labour shortages aren`t looming in the Alberta oilpatch, they are already here, said the head of the Petroleum Human Resources Council.
As oil and natural gas liquids activity ramps up on the back of strong prices, conventional operations are having to compete not only with like-industries such as construction, but with unconventional projects ` the oilsands.
`Our shortage, just based on activity alone, is now, in 2011,` said Cheryl Knight Thursday at an Economic Society of Canada presentation.
In 2009 the oil and gas industry directly employed 172,000 people in operations, most in out in the field in the services sector, Knight said, at the Chamber of Commerce. Drilling and servicing rigs, or exploration and production, drew the next largest segment of workers, with the oilsands trailing third.
Read the full article here.
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Edmonton breaks into Canada's top 10 livable cities
EDMONTON - Edmonton has finally cracked the top 10 list of Canada`s best places to live, according to a survey released Tuesday by Canadian Business/MoneySense magazine.
The city was ranked number eight out of 180 cities with more than 10,000 residents, up sharply from its 16th ranking in 2010 and 18th in 2009. St. Albert came in at fifth spot this year, the first time it was included in the review.
And all three scores beat out Calgary, which earned a 16th spot this year, 27th in 2010 and 26th in 2009.
Read the full article here.
EDMONTON - Edmonton has finally cracked the top 10 list of Canada`s best places to live, according to a survey released Tuesday by Canadian Business/MoneySense magazine.
The city was ranked number eight out of 180 cities with more than 10,000 residents, up sharply from its 16th ranking in 2010 and 18th in 2009. St. Albert came in at fifth spot this year, the first time it was included in the review.
And all three scores beat out Calgary, which earned a 16th spot this year, 27th in 2010 and 26th in 2009.
Read the full article here.
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Regime change not bullish for oil production in Middle East
If the Western military intervention in Libya is really being driven by oil, maybe it`s time to think again. History says regime change is never bullish for oil production in the Middle East and even less so for oil exports.
Iran and Iraq, two of the larger producers in the region, are cases in point.
Read the full article here.
If the Western military intervention in Libya is really being driven by oil, maybe it`s time to think again. History says regime change is never bullish for oil production in the Middle East and even less so for oil exports.
Iran and Iraq, two of the larger producers in the region, are cases in point.
Read the full article here.
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Obama's energy plan good news for Alberta
People in Canada's oil patch say they're pleased U.S. President Barack Obama considers this country a partner in U.S. plans to make itself less dependent on oil imports.
During a speech about his energy strategy at Georgetown University in Washington Wednesday, Obama described Canada as an energy partner while talking about cutting imports.
Alberta Premier Ed Stelmach says Obama's tip of the hat to Canada is good news.
Read the full article here.
People in Canada's oil patch say they're pleased U.S. President Barack Obama considers this country a partner in U.S. plans to make itself less dependent on oil imports.
During a speech about his energy strategy at Georgetown University in Washington Wednesday, Obama described Canada as an energy partner while talking about cutting imports.
Alberta Premier Ed Stelmach says Obama's tip of the hat to Canada is good news.
Read the full article here.
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City unveils levy map for Edmonton Arena
EDMONTON - Property taxes will be needed from development in 29 blocks of downtown Edmonton to help pay for a new arena, a city report indicateshttp://http://www.edmontonjournal.com/sports/arena/Edmonton+arena+documents/4537096/story.html.
A community revitalization levy, or CRL, which would dedicate property taxes from new construction around the project to help fund it, is expected to provide $125 million of the $450-million price tag, says a report released Thursday.
It includes a map, showing for the first time the proposed boundaries of the CRL, which zigzag from 97th Street to 109th Street, roughly between 102nd Avenue and 106th Avenue.
The area includes the warehouse district, the planned Aurora condominiums north of 105th Avenue and a potential extra tower at Manulife Place Phase 2 on 102nd Street, all expected to be boosted ahead by the project.
Read the full article here.
EDMONTON - Property taxes will be needed from development in 29 blocks of downtown Edmonton to help pay for a new arena, a city report indicateshttp://http://www.edmontonjournal.com/sports/arena/Edmonton+arena+documents/4537096/story.html.
A community revitalization levy, or CRL, which would dedicate property taxes from new construction around the project to help fund it, is expected to provide $125 million of the $450-million price tag, says a report released Thursday.
It includes a map, showing for the first time the proposed boundaries of the CRL, which zigzag from 97th Street to 109th Street, roughly between 102nd Avenue and 106th Avenue.
The area includes the warehouse district, the planned Aurora condominiums north of 105th Avenue and a potential extra tower at Manulife Place Phase 2 on 102nd Street, all expected to be boosted ahead by the project.
Read the full article here.
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Oil glut costing industry $9B a year, Total VP tells Edmonton forum
EDMONTON - Alberta`s traditional oil markets in the northern and Midwest U.S. are saturated, and the glut is forcing a $10-per-barrel discount and costing producers about $9 billion a year, says a Total E&P Canada vice-president.
`This is the new reality,` Gary Houston told the National Buyer/Seller Forum on Thursday.
He said the situation is obvious, with record amounts of oil in storage in the U.S.
`We know they are swimming in oil because the price delivered in Chicago is $10 a barrel lower than the equivalent barrel floating on the ocean. So at 2.5 million barrels a day we are talking about $9 billion a year lost in value to our industry, and that is not a rounding error.`
Read the full article here.
EDMONTON - Alberta`s traditional oil markets in the northern and Midwest U.S. are saturated, and the glut is forcing a $10-per-barrel discount and costing producers about $9 billion a year, says a Total E&P Canada vice-president.
`This is the new reality,` Gary Houston told the National Buyer/Seller Forum on Thursday.
He said the situation is obvious, with record amounts of oil in storage in the U.S.
`We know they are swimming in oil because the price delivered in Chicago is $10 a barrel lower than the equivalent barrel floating on the ocean. So at 2.5 million barrels a day we are talking about $9 billion a year lost in value to our industry, and that is not a rounding error.`
Read the full article here.
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Republicans press Obama to aprrove oilsands pipeline
The heated policy debate over Alberta's oilsands took centre stage Thursday in the U.S. Congress, with Republican lawmakers claiming President Barack Obama has "failed to act" swiftly enough to ensure a secure long-term supply of Canadian crude.
A day after Obama said the U.S. will need "steady and stable and reliable" Canadian oil as it slashes overall imports over the next decade, GOP lawmakers said there is an "urgent" need for the U.S. to further tap Canada's market by approving Calgary-based TransCanada's $7-billion Keystone XL pipeline from Alberta.
One by one, GOP lawmakers on a House foreign affairs subcommittee pressed Obama to sign a presidential permit authorizing construction of the controversial pipeline, which would ship more than 500,000 barrels of oilsands crude a day from northern Alberta to refineries on the U.S. Gulf Coast.
Read the full article here.
The heated policy debate over Alberta's oilsands took centre stage Thursday in the U.S. Congress, with Republican lawmakers claiming President Barack Obama has "failed to act" swiftly enough to ensure a secure long-term supply of Canadian crude.
A day after Obama said the U.S. will need "steady and stable and reliable" Canadian oil as it slashes overall imports over the next decade, GOP lawmakers said there is an "urgent" need for the U.S. to further tap Canada's market by approving Calgary-based TransCanada's $7-billion Keystone XL pipeline from Alberta.
One by one, GOP lawmakers on a House foreign affairs subcommittee pressed Obama to sign a presidential permit authorizing construction of the controversial pipeline, which would ship more than 500,000 barrels of oilsands crude a day from northern Alberta to refineries on the U.S. Gulf Coast.
Read the full article here.
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Alberta labour costs set to rise
The return of scarce labour and rising construction costs will be the downside of renewed economic growth in Alberta, said an economic and business panel Wednesday.
BMO Capital Markets economist Robert Kavcic said strong commodity prices will help Alberta's economy grow by 3.6 per cent in 2011. Western Canada will also post growth above three per cent, compared to much lower rates in central and Atlantic Canada.
"In Alberta specifically, we're seeing the energy sector really start to ramp up again and the job market actually get quite a bit of momentum in recent months," Kavcic said Wednesday during BMO Bank of Montreal's telephone panel discussion on the business outlook for Alberta.
Read the full article here.
The return of scarce labour and rising construction costs will be the downside of renewed economic growth in Alberta, said an economic and business panel Wednesday.
BMO Capital Markets economist Robert Kavcic said strong commodity prices will help Alberta's economy grow by 3.6 per cent in 2011. Western Canada will also post growth above three per cent, compared to much lower rates in central and Atlantic Canada.
"In Alberta specifically, we're seeing the energy sector really start to ramp up again and the job market actually get quite a bit of momentum in recent months," Kavcic said Wednesday during BMO Bank of Montreal's telephone panel discussion on the business outlook for Alberta.
Read the full article here.
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Alberta oilsands 'greening' good news for Ontario
EDMONTON - The `greening` of Alberta`s oilsands will create major growth opportunities for Ontario`s cleantech sector, says the province`s minister of economic development.
`We`re seeing that focus on the cleantech industry from executives in the oil and gas industry,` says Sandra Pupatello, who is in Edmonton for the National Buyer/Seller Forum, a three-day gathering of key oilsands players.
`Ontario has 2,200 cleantech companies now, and most of their business is outside Canada. So this is a real good opportunity to give them (access to) Canadian customers, and we`re delighted about that.`
Read the full article here.
EDMONTON - The `greening` of Alberta`s oilsands will create major growth opportunities for Ontario`s cleantech sector, says the province`s minister of economic development.
`We`re seeing that focus on the cleantech industry from executives in the oil and gas industry,` says Sandra Pupatello, who is in Edmonton for the National Buyer/Seller Forum, a three-day gathering of key oilsands players.
`Ontario has 2,200 cleantech companies now, and most of their business is outside Canada. So this is a real good opportunity to give them (access to) Canadian customers, and we`re delighted about that.`
Read the full article here.
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A golden opportunity for Edmonton's dowdy downtown
This is a city that can't help but grow, as the city's chief economist likes to say.
For Edmonton, it's already baked into the pie. The real question is: What kind of growth does this city want?
Will it remain an esthetically challenged, relentlessly utilitarian industrial burg -the "boiler room" of Canada, as Mordecai Richler once dubbed it?
Or will Edmonton evolve into something better -a more physically attractive, dynamic, culturally enriched 21st-century metropolis? The choice is ours.
When the planet's second-largest oil reserves are located in your backyard and crude is selling for $108 US a barrel, that unleashes huge opportunities.
Read the full article here.
This is a city that can't help but grow, as the city's chief economist likes to say.
For Edmonton, it's already baked into the pie. The real question is: What kind of growth does this city want?
Will it remain an esthetically challenged, relentlessly utilitarian industrial burg -the "boiler room" of Canada, as Mordecai Richler once dubbed it?
Or will Edmonton evolve into something better -a more physically attractive, dynamic, culturally enriched 21st-century metropolis? The choice is ours.
When the planet's second-largest oil reserves are located in your backyard and crude is selling for $108 US a barrel, that unleashes huge opportunities.
Read the full article here.
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Get ready for surge in power prices this April
EDMONTON ` Edmontonians can expect to pay a lot more for power in April as the price per kilowatt hour skyrockets by 66 per cent compared to the previous month.
In March, Edmonton customers who didn`t have an electricity contract paid the regulated rate option of 7.093 cents per kilowatt hour. In April, that rate rose to 11.763 cents/kWh.
The regulated rate option is automatically reset on the first day of every month. It goes through an Alberta Utilities Commission review and then it`s approved and posted. In Edmonton, Epcor is a regulated retailer supplying the RRO to 270,000 customers, ranging from one-person households to landlords responsible for an entire apartment building, said spokesman Tim le Riche.
Read the full article here.
EDMONTON ` Edmontonians can expect to pay a lot more for power in April as the price per kilowatt hour skyrockets by 66 per cent compared to the previous month.
In March, Edmonton customers who didn`t have an electricity contract paid the regulated rate option of 7.093 cents per kilowatt hour. In April, that rate rose to 11.763 cents/kWh.
The regulated rate option is automatically reset on the first day of every month. It goes through an Alberta Utilities Commission review and then it`s approved and posted. In Edmonton, Epcor is a regulated retailer supplying the RRO to 270,000 customers, ranging from one-person households to landlords responsible for an entire apartment building, said spokesman Tim le Riche.
Read the full article here.
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Sales fall in residential real estate markets outside Calgary
CALGARY ` Residential MLS sales in areas outside of Calgary fell in March compared with a year ago.
According to the latest Calgary Real Estate Board statistics, sales for the towns outside the city market fell by 22.93 per cent from 423 in March 2010 to 326 last month. Also, the average MLS sale price fell by 1.81 per cent to $354,262 from $360,805 a year ago.
In the country residential (acreage) market, sales dropped by 7.58 per cent to 61 in March from 66 in March 2010. The average sale price declined by 12.30 per cent to $850,930 from $970,295 a year ago.
And in the rural land market, there were only 13 sales in March compared to 23 in March 2010, a 43.48 per cent drop.
Read the full article here.
CALGARY ` Residential MLS sales in areas outside of Calgary fell in March compared with a year ago.
According to the latest Calgary Real Estate Board statistics, sales for the towns outside the city market fell by 22.93 per cent from 423 in March 2010 to 326 last month. Also, the average MLS sale price fell by 1.81 per cent to $354,262 from $360,805 a year ago.
In the country residential (acreage) market, sales dropped by 7.58 per cent to 61 in March from 66 in March 2010. The average sale price declined by 12.30 per cent to $850,930 from $970,295 a year ago.
And in the rural land market, there were only 13 sales in March compared to 23 in March 2010, a 43.48 per cent drop.
Read the full article here.
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First-time Calgary homebuyers back in market: Re/Max report
CALGARY ` First-time buyers have re-entered the Calgary resale housing market with `a renewed sense of confidence,` says a report released Tuesday by real estate firm Re/Max.
In the first two months of this year, 32 per cent of all sales occurred under $300,000 in Calgary, said the report.
Average price in the metro area was about $410,000, it said.
`The strength of the entry-level segment is good news for the spring market as sales of starter homes are expected to have a domino effect, prompting greater move-up activity in the weeks and months ahead,` said the report.
Read the full article here.
CALGARY ` First-time buyers have re-entered the Calgary resale housing market with `a renewed sense of confidence,` says a report released Tuesday by real estate firm Re/Max.
In the first two months of this year, 32 per cent of all sales occurred under $300,000 in Calgary, said the report.
Average price in the metro area was about $410,000, it said.
`The strength of the entry-level segment is good news for the spring market as sales of starter homes are expected to have a domino effect, prompting greater move-up activity in the weeks and months ahead,` said the report.
Read the full article here.
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Sunny outlook for Alberta economic growth
EDMONTON - The return of scarce labour and rising construction costs will be the downside of renewed economic growth in Alberta, said an economic and business panel Wednesday.
BMO Capital Markets economist Robert Kavcic said strong commodity prices will help Alberta`s economy grow by 3.6 per cent in 2011. Western Canada will also post growth above three per cent, compared to much lower rates in central and Atlantic Canada.
`In Alberta specifically, we`re seeing the energy sector really start to ramp up again and the job market actually get quite a bit of momentum in recent months,` Kavcic said Wednesday during BMO Bank of Montreal`s telephone panel discussion on the business outlook for Alberta.
Read the full article here.
EDMONTON - The return of scarce labour and rising construction costs will be the downside of renewed economic growth in Alberta, said an economic and business panel Wednesday.
BMO Capital Markets economist Robert Kavcic said strong commodity prices will help Alberta`s economy grow by 3.6 per cent in 2011. Western Canada will also post growth above three per cent, compared to much lower rates in central and Atlantic Canada.
`In Alberta specifically, we`re seeing the energy sector really start to ramp up again and the job market actually get quite a bit of momentum in recent months,` Kavcic said Wednesday during BMO Bank of Montreal`s telephone panel discussion on the business outlook for Alberta.
Read the full article here.
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Alberta electricity prices set to jump, forecast warns
EDMONTON - First Energy Capital says power prices are up, and they aren`t coming down.
In a significant revision of its power price outlook for Alberta on Monday, the Calgary analyst firm now expects the average wholesale price to average $66.77 per megawatt hour for the year, compared with its previous estimate of $45.11.
That will mean higher bills for customers. And in fact the regulated rate for April has risen to 11.763 cents per kilowatt hour, compared with the March price of 7.093 cents per kWh for people not under a contract with firms such as Enmax or Direct Energy.
`An unexpected permanent shift in Alberta`s low cost generation availability has forced us to raise our power price outlook by as much as 50 per cent over the next few years,` analyst Martin King said.
Read the full article here.
EDMONTON - First Energy Capital says power prices are up, and they aren`t coming down.
In a significant revision of its power price outlook for Alberta on Monday, the Calgary analyst firm now expects the average wholesale price to average $66.77 per megawatt hour for the year, compared with its previous estimate of $45.11.
That will mean higher bills for customers. And in fact the regulated rate for April has risen to 11.763 cents per kilowatt hour, compared with the March price of 7.093 cents per kWh for people not under a contract with firms such as Enmax or Direct Energy.
`An unexpected permanent shift in Alberta`s low cost generation availability has forced us to raise our power price outlook by as much as 50 per cent over the next few years,` analyst Martin King said.
Read the full article here.
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Weekend reopening of upgrader sends prices of heavy crude higher
EDMONTON - As Husky Energy`s upgrader in Lloydminster prepares to fully reopen this weekend, heavy crude prices rose Friday in anticipation of the plant`s renewed appetite for oil.
The Canada Select heavy blend for May delivery was quoted at $15.25 a barrel under the benchmark West Texas Intermediate crude, a narrower spread than April`s average of $20 under.
The 82,000-barrel-per-day Husky plant has been running at 40 to 50 per cent of capacity as staff worked to fix the damaged hydrocracker fractionation unit, which was damaged in a February fire.
Read the full article here.
EDMONTON - As Husky Energy`s upgrader in Lloydminster prepares to fully reopen this weekend, heavy crude prices rose Friday in anticipation of the plant`s renewed appetite for oil.
The Canada Select heavy blend for May delivery was quoted at $15.25 a barrel under the benchmark West Texas Intermediate crude, a narrower spread than April`s average of $20 under.
The 82,000-barrel-per-day Husky plant has been running at 40 to 50 per cent of capacity as staff worked to fix the damaged hydrocracker fractionation unit, which was damaged in a February fire.
Read the full article here.