November 2010 Alberta Economic Fundamentals
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Athabasca Oil Sands to test new in situ method
Athabasca Oil Sands Corp., a Calgary-based thermal oil developer backed by Chinese investors, plans to experiment this winter with a new in situ oilsands production technique that uses electricity instead of steam to loosen thick bitumen deposits and bring them to surface using conventional wells.
The technique, a variation of the steam assisted gravity drainage (SAGD) technology dubbed TAGD, or "thermal assisted gravity drainage," will "gently" heat the reservoir for up to 12 months before producing oil.
The technique will be used at the company`s Dover West development property along with conventional SAGD in a bid to establish commercial production from oilsands carbonates, which represent a whole new oilsands resource.
"Athabasca believes both experiments will provide very valuable information about the reservoirs and the optimal production methods," said Sveinung Svarte, the company`s president and CEO said in releasing the company`s financial statements, which showed a loss of $7.2 million, or two cents a share, in the three-month period compared with a profit of $26 million, or 13 cents a share, in the third quarter of last year.
Read the full article here.
Athabasca Oil Sands Corp., a Calgary-based thermal oil developer backed by Chinese investors, plans to experiment this winter with a new in situ oilsands production technique that uses electricity instead of steam to loosen thick bitumen deposits and bring them to surface using conventional wells.
The technique, a variation of the steam assisted gravity drainage (SAGD) technology dubbed TAGD, or "thermal assisted gravity drainage," will "gently" heat the reservoir for up to 12 months before producing oil.
The technique will be used at the company`s Dover West development property along with conventional SAGD in a bid to establish commercial production from oilsands carbonates, which represent a whole new oilsands resource.
"Athabasca believes both experiments will provide very valuable information about the reservoirs and the optimal production methods," said Sveinung Svarte, the company`s president and CEO said in releasing the company`s financial statements, which showed a loss of $7.2 million, or two cents a share, in the three-month period compared with a profit of $26 million, or 13 cents a share, in the third quarter of last year.
Read the full article here.
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Long Lake projects aim for more flexibility
Projects worth up to $100 million are being proposed at the Long Lake oilsands facility in northern Alberta to add flexibility to the operationally challenged venture by Nexen and Opti Canada.
On a conference call to discuss third-quarter results, Nexen president and chief executive Marvin Romanow said the proposals would allow the upgrader to burn 100 per cent natural gas and produce and store raw bitumen.
That would be a major change in direction, as the project was designed to use asphaltene residue from the oilsands to produce virtually all of the fuel gas required for in situ recovery, a cogeneration facility and the upgrader, plus provide hydrogen to feed the hydrocracker.
"One of the things that we`ve identified that is important for the long-term success of this project is to provide more isolation between the SAGD (steam-assisted gravity
Read the full article here.
Projects worth up to $100 million are being proposed at the Long Lake oilsands facility in northern Alberta to add flexibility to the operationally challenged venture by Nexen and Opti Canada.
On a conference call to discuss third-quarter results, Nexen president and chief executive Marvin Romanow said the proposals would allow the upgrader to burn 100 per cent natural gas and produce and store raw bitumen.
That would be a major change in direction, as the project was designed to use asphaltene residue from the oilsands to produce virtually all of the fuel gas required for in situ recovery, a cogeneration facility and the upgrader, plus provide hydrogen to feed the hydrocracker.
"One of the things that we`ve identified that is important for the long-term success of this project is to provide more isolation between the SAGD (steam-assisted gravity
Read the full article here.
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Alberta`s weekly wage rise leads the country
Average weekly earnings in Alberta rose at the highest rate in the country in August from the year before and remained the highest of any province in the nation.
Statistics Canada reported Thursday that average weekly earnings of non-farm employees in the province increased by 7.5 per cent between August 2009 and August this year to $1,004.11.
Overall economic growth in Alberta this year will be in the three per cent range, said Glen Hodgson, senior vice-president and chief economist for the Conference Board of Canada, who was visiting Calgary on Thursday.
"And then we`ll see how the numbers play out in terms of the impact of oil and gas, commodity prices, in the forecast for next year. . . . Three per cent range is realistic. It`s a good solid recovery.
"But everything that`s happening right now is really being held back by the (global) financial turbulence which has not gone away."
Read the full article here.
Average weekly earnings in Alberta rose at the highest rate in the country in August from the year before and remained the highest of any province in the nation.
Statistics Canada reported Thursday that average weekly earnings of non-farm employees in the province increased by 7.5 per cent between August 2009 and August this year to $1,004.11.
Overall economic growth in Alberta this year will be in the three per cent range, said Glen Hodgson, senior vice-president and chief economist for the Conference Board of Canada, who was visiting Calgary on Thursday.
"And then we`ll see how the numbers play out in terms of the impact of oil and gas, commodity prices, in the forecast for next year. . . . Three per cent range is realistic. It`s a good solid recovery.
"But everything that`s happening right now is really being held back by the (global) financial turbulence which has not gone away."
Read the full article here.
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Oil service firms see 8% more Canadian drilling
CALGARY, Alberta (Reuters) - Canada`s oil field service companies expect an 8 percent jump in drilling next year, with oil targets in Saskatchewan and northeastern Alberta generating the bulk of activity.
Weak natural gas prices will keep a lid on drilling elsewhere, however, the Petroleum Services Association of Canada said on Monday.
For 2011, PSAC sees 12,350 wells, up from an estimated 11,350 this year. The numbers foresee a 16 percent increase in Saskatchewan drilling and 5 percent in Alberta.
Activity in Saskatchewan is being driven by high interest in the Bakken unconventional oil play, where companies have had success drilling horizontal wells and fracturing rock, similar to shale gas operations.
Similar operations are heating up in Alberta`s Pembina Cardium play.
Read the full article here.
CALGARY, Alberta (Reuters) - Canada`s oil field service companies expect an 8 percent jump in drilling next year, with oil targets in Saskatchewan and northeastern Alberta generating the bulk of activity.
Weak natural gas prices will keep a lid on drilling elsewhere, however, the Petroleum Services Association of Canada said on Monday.
For 2011, PSAC sees 12,350 wells, up from an estimated 11,350 this year. The numbers foresee a 16 percent increase in Saskatchewan drilling and 5 percent in Alberta.
Activity in Saskatchewan is being driven by high interest in the Bakken unconventional oil play, where companies have had success drilling horizontal wells and fracturing rock, similar to shale gas operations.
Similar operations are heating up in Alberta`s Pembina Cardium play.
Read the full article here.
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Oilsands standards please U.S. official
Against a backdrop of public questions about how Alberta`s oilsands are being developed, the U.S. State Department`s special envoy for international energy affairs says the province is on the right track.
"Americans want to be good consumers and ask good questions about what the preparations are (for these projects), and I am here to ask those," David Goldwyn said Thursday as he prepared to return to Washington.
The envoy reports directly to Secretary of State Hillary Clinton, and the timing of his visit is linked in part to the approval for TransCanada Corp.`s Keystone XL pipeline which will run south from Hardisty to refineries along the Gulf Coast of Texas.
The heart of the opposition to Keystone XL is the oilsands product it would carry. Greenhouse gas (GHG) emissions are higher for bitumen production than for conventional oil.
"I`m here because you asked us, because one of your companies has applied for a pipeline licence, and under our laws we are required to make an environmental-impact statement and a national interest determination," Goldwyn said.
Read the full article here.
Against a backdrop of public questions about how Alberta`s oilsands are being developed, the U.S. State Department`s special envoy for international energy affairs says the province is on the right track.
"Americans want to be good consumers and ask good questions about what the preparations are (for these projects), and I am here to ask those," David Goldwyn said Thursday as he prepared to return to Washington.
The envoy reports directly to Secretary of State Hillary Clinton, and the timing of his visit is linked in part to the approval for TransCanada Corp.`s Keystone XL pipeline which will run south from Hardisty to refineries along the Gulf Coast of Texas.
The heart of the opposition to Keystone XL is the oilsands product it would carry. Greenhouse gas (GHG) emissions are higher for bitumen production than for conventional oil.
"I`m here because you asked us, because one of your companies has applied for a pipeline licence, and under our laws we are required to make an environmental-impact statement and a national interest determination," Goldwyn said.
Read the full article here.
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Calgary experienced development `binging`
CALGARY - Slowing, steady growth and decent prospects for Canadian real estate investors are in store for 2011 as long as the U.S. economy does not drag them down, according to the Emerging Trends in Real Estate 2011 report, released today by PwC and the Urban Land Institute.
But the report says "Calgary must hope to recuperate from cooled demand and a touch of development binging."
The report reflects interviews with and surveys of more than 875 of the industry`s leading real estate experts, including investors, developers, lenders, brokers and consultants in both Canada and the U.S.
The report says that for next year major Canadian real estate markets will settle in a fair to good investment range with only modest investment prospects and constrained development potential as Toronto bumps Vancouver from the top ranking city to invest and develop.
The report says sprawl and overbuilding "temporarily" subdues the outlook in Calgary but "absorption will come."
Read the full article here.
CALGARY - Slowing, steady growth and decent prospects for Canadian real estate investors are in store for 2011 as long as the U.S. economy does not drag them down, according to the Emerging Trends in Real Estate 2011 report, released today by PwC and the Urban Land Institute.
But the report says "Calgary must hope to recuperate from cooled demand and a touch of development binging."
The report reflects interviews with and surveys of more than 875 of the industry`s leading real estate experts, including investors, developers, lenders, brokers and consultants in both Canada and the U.S.
The report says that for next year major Canadian real estate markets will settle in a fair to good investment range with only modest investment prospects and constrained development potential as Toronto bumps Vancouver from the top ranking city to invest and develop.
The report says sprawl and overbuilding "temporarily" subdues the outlook in Calgary but "absorption will come."
Read the full article here.
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Month-Over-Month price drop brings properties to 2009 housing price levels
Edmonton, November 2, 2010: Although the all-residential average price dropped 3% in October, average prices are almost exactly what they were a year ago. Single family dwellings were sold on average for $365,691 which is just $1,434 less (-0.39%) than October 2009. Condos sold in October for about $2,000 less (-0.9%) than a year earlier at an average price of $235,893.
"Stability is the key word for the Edmonton housing market," said Larry Westergard, president of the REALTORS® Association of Edmonton. "Prices this fall are matching almost dollar for dollar with prices for the past two years. But I am pleased to report that the inventory dropped 10.6% in October, and as it returns to a more normal level, prices will start to move."
The average* all residential price in October was $317,422 as compared to $327,235 in September. It was less than one percent lower than the October 2009 price of $320,184. Listing activity continued to slow with just 2,269 residential properties added in October. There were 1,077 residential sales for a sales-to-listing ratio of 44.5%. Total residential inventory was 7,689 properties at the end of October as compared to 8,602 the month prior. The average days-on-market went up to 60 days from 56 last month.
The all-residential median price rose from $306,500 in October 2009 to $308,000 last month. "This rise in the median price stretched the range of the lower end of the market," said Westergard. "Yet REALTORS® still found 529 properties priced under $300,000 for buyers with smaller budgets or modest housing needs in October. There is still a home suitable for every buyer in this market." There were 32 sales of residential properties priced at over $750,000 during the same month.
Read the full article here.
Edmonton, November 2, 2010: Although the all-residential average price dropped 3% in October, average prices are almost exactly what they were a year ago. Single family dwellings were sold on average for $365,691 which is just $1,434 less (-0.39%) than October 2009. Condos sold in October for about $2,000 less (-0.9%) than a year earlier at an average price of $235,893.
"Stability is the key word for the Edmonton housing market," said Larry Westergard, president of the REALTORS® Association of Edmonton. "Prices this fall are matching almost dollar for dollar with prices for the past two years. But I am pleased to report that the inventory dropped 10.6% in October, and as it returns to a more normal level, prices will start to move."
The average* all residential price in October was $317,422 as compared to $327,235 in September. It was less than one percent lower than the October 2009 price of $320,184. Listing activity continued to slow with just 2,269 residential properties added in October. There were 1,077 residential sales for a sales-to-listing ratio of 44.5%. Total residential inventory was 7,689 properties at the end of October as compared to 8,602 the month prior. The average days-on-market went up to 60 days from 56 last month.
The all-residential median price rose from $306,500 in October 2009 to $308,000 last month. "This rise in the median price stretched the range of the lower end of the market," said Westergard. "Yet REALTORS® still found 529 properties priced under $300,000 for buyers with smaller budgets or modest housing needs in October. There is still a home suitable for every buyer in this market." There were 32 sales of residential properties priced at over $750,000 during the same month.
Read the full article here.
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Tories` upgrading motion splits industry
Oilsands upgraders should be built where they make economic sense, not where politicians dictate, say some oil and gas industry leaders.
But the head of the company with a deal to upgrade the province`s bitumen paid in lieu of cash royalties says the benefits to Alberta of more upgrading are too rich to pass up.
A motion passed at the provincial Tory party convention in Calgary on Saturday calls on Premier Ed Stelmach to use incentives and possibly legislation to ensure at least two-thirds of bitumen harvested from the oilsands is upgraded before it leaves Alberta.
That percentage is about 60 per cent, lagging the government`s current goal of 67 per cent.
"The government clearly is the resource owner and our view is that upgrading will occur where it is most economic for it to do so," said Don Thompson, president of the Fort McMurray-based Oil Sands Developers Group, in an interview Monday.
Read the full article here.
Oilsands upgraders should be built where they make economic sense, not where politicians dictate, say some oil and gas industry leaders.
But the head of the company with a deal to upgrade the province`s bitumen paid in lieu of cash royalties says the benefits to Alberta of more upgrading are too rich to pass up.
A motion passed at the provincial Tory party convention in Calgary on Saturday calls on Premier Ed Stelmach to use incentives and possibly legislation to ensure at least two-thirds of bitumen harvested from the oilsands is upgraded before it leaves Alberta.
That percentage is about 60 per cent, lagging the government`s current goal of 67 per cent.
"The government clearly is the resource owner and our view is that upgrading will occur where it is most economic for it to do so," said Don Thompson, president of the Fort McMurray-based Oil Sands Developers Group, in an interview Monday.
Read the full article here.
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Calgary October MLS sales tumble
CALGARY- Residential MLS sales in Calgary took a sharp downturn in October compared with a year ago and average sale prices also dipped in the past 12 months.
According to data released by the Calgary Real Estate Board today, there were only 888 single-family MLS transactions last month for an average sale price of $444,744.
In October 2009, there were 1,285 sales for an average price of $462,465.
October sales were the second lowest level for the month in the past decade - behind 2008`s 820 transactions.
"Buyers remain cautious, perhaps waiting to feel a little more confidence in Calgary`s economic growth and their own job security," said Diane Scott, CREB`s president.
"We believe economic recovery will build momentum into 2011 as the outlook for oil and gas and other sectors continues to improve. This, coupled with low interest rates and improved affordability, should eventually help to stimulate Calgary`s housing market."
Read the full article here.
CALGARY- Residential MLS sales in Calgary took a sharp downturn in October compared with a year ago and average sale prices also dipped in the past 12 months.
According to data released by the Calgary Real Estate Board today, there were only 888 single-family MLS transactions last month for an average sale price of $444,744.
In October 2009, there were 1,285 sales for an average price of $462,465.
October sales were the second lowest level for the month in the past decade - behind 2008`s 820 transactions.
"Buyers remain cautious, perhaps waiting to feel a little more confidence in Calgary`s economic growth and their own job security," said Diane Scott, CREB`s president.
"We believe economic recovery will build momentum into 2011 as the outlook for oil and gas and other sectors continues to improve. This, coupled with low interest rates and improved affordability, should eventually help to stimulate Calgary`s housing market."
Read the full article here.
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Oil price jumps after Libya talks of $100
LONDON - Oil jumped more than $1 per barrel on Tuesday after OPEC member Libya said oil producers would find prices of $100 a barrel more comfortable because of higher food prices and a weaker dollar.
Benchmark U.S. crude for December rose to a high of $84.14, up $1.19, before slipping back to trade at around $83.94 by 1331 GMT, adding to gains of nearly 2 per cent on Monday.
ICE Brent climbed 82 cents to $85.44.
Shokri Ghanem, chairman of Libya`s National Oil Corp, told Reuters he thought oil prices would get closer to $100 by the end of the year.
Ghanem, the top oil official for Libya, said the dollar had fallen and prices of the other commodities had risen.
"I think that we can get closer to $100. There is a sort of tacit compensation for the increase in the prices of the other commodities. The price is inching up and I think it will be closer to $100," Ghanem said
Read the full article here.
LONDON - Oil jumped more than $1 per barrel on Tuesday after OPEC member Libya said oil producers would find prices of $100 a barrel more comfortable because of higher food prices and a weaker dollar.
Benchmark U.S. crude for December rose to a high of $84.14, up $1.19, before slipping back to trade at around $83.94 by 1331 GMT, adding to gains of nearly 2 per cent on Monday.
ICE Brent climbed 82 cents to $85.44.
Shokri Ghanem, chairman of Libya`s National Oil Corp, told Reuters he thought oil prices would get closer to $100 by the end of the year.
Ghanem, the top oil official for Libya, said the dollar had fallen and prices of the other commodities had risen.
"I think that we can get closer to $100. There is a sort of tacit compensation for the increase in the prices of the other commodities. The price is inching up and I think it will be closer to $100," Ghanem said
Read the full article here.
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Province hops oilsands tour by EU delegates will counter negative perceptions
EDMONTON - A delegation of European Union politicians has arrived in Alberta for a visit that could have a significant impact on how the provincial oilsands are viewed internationally.
The guests, representing six diffe-ent countries including the United Kingdom, Germany, Denmark and Romania, are among numerous foreign dignitaries who have toured the oilsands in recent months.
But International and Intergovernmental Relations Minister Iris Evans thinks this contingent is especially crucial for the province, in part because the visitors will report back to a parliament weighing fuel legislation that could inhibit the use of oilsands products.
Although Europe is currently not a major market for Alberta oilsands products, Evans noted any legislation or tariffs adopted by the union`s government can serve as a model for individual nations around the world.
"Our department has hosted some 46 delegations, and I consider this a hugely important one, not only because of their relationship to other member countries, but because of their leadership role on a number of frontiers," she said.
Read the full article here.
EDMONTON - A delegation of European Union politicians has arrived in Alberta for a visit that could have a significant impact on how the provincial oilsands are viewed internationally.
The guests, representing six diffe-ent countries including the United Kingdom, Germany, Denmark and Romania, are among numerous foreign dignitaries who have toured the oilsands in recent months.
But International and Intergovernmental Relations Minister Iris Evans thinks this contingent is especially crucial for the province, in part because the visitors will report back to a parliament weighing fuel legislation that could inhibit the use of oilsands products.
Although Europe is currently not a major market for Alberta oilsands products, Evans noted any legislation or tariffs adopted by the union`s government can serve as a model for individual nations around the world.
"Our department has hosted some 46 delegations, and I consider this a hugely important one, not only because of their relationship to other member countries, but because of their leadership role on a number of frontiers," she said.
Read the full article here.
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Buyers line up for Calgary condo project
CALGARY - Three years ago during the peak of the housing market Calgarians lined up to purchase condominiums at projects that had not even dug a hole in the ground yet.
This past weekend it was a case of deja vu as condo mania swept through the sales centre at the University City project planned for the Brentwood LRT Station.
In a matter of days, Phase 1 of the project, a 216-unit, 18-storey residential tower, has completely sold out. As of Tuesday mid afternoon, only 48 units were available in Phase 2, another 216-residence, 18-storey tower.
"It was madness. It was really busy, really busy," said Jennifer Carter, sales manager for the project, of the weekend activity. "I wasn`t expecting it to be that busy. I didn`t expect us to sell out either the first day."
She said buyers included students, parents purchasing for their children, people who work at the University of Calgary and Foothills Hospital, and some investors.
Read the full article here.
CALGARY - Three years ago during the peak of the housing market Calgarians lined up to purchase condominiums at projects that had not even dug a hole in the ground yet.
This past weekend it was a case of deja vu as condo mania swept through the sales centre at the University City project planned for the Brentwood LRT Station.
In a matter of days, Phase 1 of the project, a 216-unit, 18-storey residential tower, has completely sold out. As of Tuesday mid afternoon, only 48 units were available in Phase 2, another 216-residence, 18-storey tower.
"It was madness. It was really busy, really busy," said Jennifer Carter, sales manager for the project, of the weekend activity. "I wasn`t expecting it to be that busy. I didn`t expect us to sell out either the first day."
She said buyers included students, parents purchasing for their children, people who work at the University of Calgary and Foothills Hospital, and some investors.
Read the full article here.
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Canmore renters must pay $19,000 in damages after dog pee destroys carpet
Not even the surprise attendance of a harmless-looking Yorkshire terrier could persuade a judge to exercise leniency on Tuesday in Canmore small claims court.
Provincial court Judge Les Grieve stood his ground when a former tenant pulled the male pooch, named Boo, from inside his coat and tried to claim innocence regarding his landlords` badly soiled carpet. The proof, according to the evidence, had already trickled into the rug.
Grieve then awarded Cochrane landlords Bonnie White and Bryan Niles $19,182 in damages -- more than half of it to replace the damaged carpet caused by the former tenants` dogs repeatedly peeing on it. The carpet, he concluded, was so ruined that it had to be replaced.
Read the full article here.
Not even the surprise attendance of a harmless-looking Yorkshire terrier could persuade a judge to exercise leniency on Tuesday in Canmore small claims court.
Provincial court Judge Les Grieve stood his ground when a former tenant pulled the male pooch, named Boo, from inside his coat and tried to claim innocence regarding his landlords` badly soiled carpet. The proof, according to the evidence, had already trickled into the rug.
Grieve then awarded Cochrane landlords Bonnie White and Bryan Niles $19,182 in damages -- more than half of it to replace the damaged carpet caused by the former tenants` dogs repeatedly peeing on it. The carpet, he concluded, was so ruined that it had to be replaced.
Read the full article here.
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European politicians praise oilsands
Some European politicians are praising Alberta`s oilsands operations after a tour of the region.
A 12-member delegation from Europe ended a visit to the province Wednesday morning.
The European Union is currently considering an initiative that would impose a negative label on oil from Alberta.
Europe does not buy oil from Alberta, but the European Parliament`s influence could damage the province`s reputation.
The delegation met with politicians at the Alberta legislature earlier this week and toured a number of oilsands sites Tuesday.
Read the full article here.
Some European politicians are praising Alberta`s oilsands operations after a tour of the region.
A 12-member delegation from Europe ended a visit to the province Wednesday morning.
The European Union is currently considering an initiative that would impose a negative label on oil from Alberta.
Europe does not buy oil from Alberta, but the European Parliament`s influence could damage the province`s reputation.
The delegation met with politicians at the Alberta legislature earlier this week and toured a number of oilsands sites Tuesday.
Read the full article here.
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GOP win will help scrub Alberta`s dirty oil image in U.S.: Experts
OTTAWA - The historic Republican gains in the U.S. midterm elections appear set to clean up Alberta`s American image as a producer of dirty oil.
There is zero chance of a new climate change legislation in the United States in the next two years following a vote Tuesday that saw the Democrats lose control in the House of Representatives and suffer significant setbacks in the Senate.
That gives the Harper government some significant breathing space after co-ordinating its environmental efforts with the Obama administration before tabling its own detailed climate change plan.
The biggest winners in Canada after Tuesday night`s U.S. midterms are Alberta`s oil producers — branded by many Democrats as purveyors of "dirty oil."
Canada watchers on both sides of the U.S. political divide agreed Wednesday that the Tea Party-driven protest vote across the United States would reap political dividends for the oilsands.
"I think the playing field for Canadian energy will be a little more level now. There will always be the environmental attacks," said Republican David Wilkins, the Bush administration`s last ambassador to Ottawa.
"But I think whether you are talking about oilsands, whether you are talking about pipelines, I think the rhetoric will be a little bit less."
Read the full article here.
OTTAWA - The historic Republican gains in the U.S. midterm elections appear set to clean up Alberta`s American image as a producer of dirty oil.
There is zero chance of a new climate change legislation in the United States in the next two years following a vote Tuesday that saw the Democrats lose control in the House of Representatives and suffer significant setbacks in the Senate.
That gives the Harper government some significant breathing space after co-ordinating its environmental efforts with the Obama administration before tabling its own detailed climate change plan.
The biggest winners in Canada after Tuesday night`s U.S. midterms are Alberta`s oil producers — branded by many Democrats as purveyors of "dirty oil."
Canada watchers on both sides of the U.S. political divide agreed Wednesday that the Tea Party-driven protest vote across the United States would reap political dividends for the oilsands.
"I think the playing field for Canadian energy will be a little more level now. There will always be the environmental attacks," said Republican David Wilkins, the Bush administration`s last ambassador to Ottawa.
"But I think whether you are talking about oilsands, whether you are talking about pipelines, I think the rhetoric will be a little bit less."
Read the full article here.
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U.S. Republican results good news for Alberta`s economy: Evans
EDMONTON — Strong results for Republican candidates in Tuesday`s U.S. mid-term election is likely good news for Alberta`s economy and the province`s hopes of shipping more oilsands products south of the border, International and Intergovernmental Relations Minister Iris Evans says.
"We believe we`ll have at least a few new allies helping us on the oilsands," she said Wednesday.
"If you take a look at the map, there are significantly more Republicans who have traditionally been aligned with energy agenda of Alberta, although that doesn`t mean they always will be."
Evans said she was happy to see new Republican congressmen, senators and governors elected in Midwestern states, since they could help push through the controversial Keystone XL pipeline expansion, which would carry Alberta bitumen to refineries in the southern United States.
The province also stands to benefit from victories by Republican governors in Ohio, Pennsylvania and Michigan, and a win by Democrat senator Joe Manchin in West Virginia, she said.
Read the full article here.
EDMONTON — Strong results for Republican candidates in Tuesday`s U.S. mid-term election is likely good news for Alberta`s economy and the province`s hopes of shipping more oilsands products south of the border, International and Intergovernmental Relations Minister Iris Evans says.
"We believe we`ll have at least a few new allies helping us on the oilsands," she said Wednesday.
"If you take a look at the map, there are significantly more Republicans who have traditionally been aligned with energy agenda of Alberta, although that doesn`t mean they always will be."
Evans said she was happy to see new Republican congressmen, senators and governors elected in Midwestern states, since they could help push through the controversial Keystone XL pipeline expansion, which would carry Alberta bitumen to refineries in the southern United States.
The province also stands to benefit from victories by Republican governors in Ohio, Pennsylvania and Michigan, and a win by Democrat senator Joe Manchin in West Virginia, she said.
Read the full article here.
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Oil rallies 2% to highest level since early April
LOS ANGELES (MarketWatch) -- Oil futures surged Thursday as the Federal Reserve`s new bond-buying plans sent the dollar sliding. Oil for December delivery finished 2.1% higher at $86.49 a barrel, cracking a nearly seven-month high to rise to its highest level since the most-active contract reached $86.84 on April 6. Prices for gold and other metals, as well as U.S. stocks, also rallied following the Fed`s plan to buy $600 billion in bonds through June 2011, a move aimed at helping the sluggish economy.
Read the full article here.
LOS ANGELES (MarketWatch) -- Oil futures surged Thursday as the Federal Reserve`s new bond-buying plans sent the dollar sliding. Oil for December delivery finished 2.1% higher at $86.49 a barrel, cracking a nearly seven-month high to rise to its highest level since the most-active contract reached $86.84 on April 6. Prices for gold and other metals, as well as U.S. stocks, also rallied following the Fed`s plan to buy $600 billion in bonds through June 2011, a move aimed at helping the sluggish economy.
Read the full article here.