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OIL AND GAS
Canada jumps into Keystone XL fray
by Daniel J. Graeber
Edmonton, Alberta (UPI) Jan 7, 2015


disclaimer: image is for illustration purposes only

Alberta's premier said he was planning a trip to Washington to make the case that the Keystone XL oil pipeline is in the best interest of the region.

"Alberta is committed to responsible energy development, which firmly positions us as a safe, secure and responsible energy supplier and we will continue to advocate on behalf of Keystone XL," Premier Jim Prentice said in a statement issued late Tuesday.

Prentice served previously as the nation's environment minister. As a minister, he said delays from Washington on the cross-border Keystone XL oil pipeline were regrettable, but should encourage the federal government to expand its export options to other markets like Asia.

Republican leaders pushed legislation in favor of the pipeline to the top of their agenda as they took their seats in the 114th Congress. The White House responded by saying it would veto any measure meant to circumvent the normal vetting process for the pipeline.

A decision on the project awaits a ruling from a Nebraska court considering whether or not the state's governor had authority to approve the pipeline's route through the state.

Sen. John Hoeven, R-N.D., a key backer of the project, shifted the blame to the White House.

"The president has undermined this process with endless delays," he said in a statement.

From across the border, Prentice said he saw a broad level of bipartisan support in Washington for the pipeline.

"I will be traveling to Washington within the next month to communicate that this project is in the best interests of Canadians and Americans alike and to provide facts about the environmental standards of our oil and gas industry, which are among the highest in the world," he said.

Canada sends nearly all of its oil to the United States and Prentice, speaking as the environment minister in 2011, said the country would never get a fair value for its resources unless it expands its export options beyond North America.


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New York (UPI) Jan 6, 2015
Word that OPEC kingpin Saudi Arabia would defend its economic interests sent an already battered oil market into a tailspin during the Tuesday session. Crude oil prices suffered major losses Monday, with the price for the U.S. benchmark, West Texas Intermediate, and Brent, the global benchmark, reaching five-year lows. Oil prices are about 50 percent lower than they were in June ... read more


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