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OIL AND GAS
Alberta taking climate message to Washington
by Daniel J. Graeber
Edmonton, Alberta (UPI) Apr 27, 2016


disclaimer: image is for illustration purposes only

Facing pressure from low oil prices, Alberta's premier said the province is now leading the fight against climate change and taking that message to Washington, D.C.

"Alberta is now at the forefront in the fight against climate change," Alberta Premier Rachel Notley said in a statement. "I am looking forward to taking this important message to Washington, D.C., to showcase our plan and how it helps secure Alberta's place as an attractive place to invest and do business."

Alberta rolled out a climate action plan this month that aims to use capital raised from extra taxes on gasoline, diesel and natural gas to support the development of renewable energy and other low-carbon developments.

The provincial government said the new levy would in part help put Albertans back to work and add diversity to an economy that relies heavily on oil.

The nation as a whole is taking the tentative steps toward a low-carbon economy under the leadership of Prime Minister Justin Trudeau, who in March signed a climate change pact with provincial leaders.

Canada's economy relies heavily on export revenue from oil and natural gas and Alberta, which hosts most of the nation's oil, said it expects its economy will shrink by 1.1 percent this year. The total revenue forecast for the fiscal year of $31.2 billion is $478 million lower than estimated in the budget last year.

Responding to the strains of a weak energy market, Alberta signed a letter of intent last month with the Bank of Canada to help diversify the regional economy.

Notley leaves Wednesday for Washington to address low-economic opportunities with the United States. A year ago, her predecessor, Jim Prentice, was in Washington to highlight to the U.S. Chamber of Commerce the potential benefits of the Keystone XL oil pipeline, a cross-border project rejected by the U.S. government earlier this year largely on environmental grounds.


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Previous Report
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Long oil rally knows no quarter
New York (UPI) Apr 25, 2016
The long rally in oil prices continued into Monday even after a report from the International Monetary Fund said another market downturn cannot be ruled out. Oil prices are up more than 20 percent from the start of April as supply-side pressures ease in response to an expected decline in U.S. output. Talks among major producers like Russia to keep output steady at January prices helped ... read more


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