Oil industry News

Already struggling with weak prices from oversupply, the pandemic is taking a heavy toll on the oil industry. The International Energy Agency (IEA) says the impact on investments in the oil industry will continue to be felt for years to come.

Although crude prices have rebounded from coronavirus crisis lows, oil execs and experts are starting to ask if the industry has crossed the rubicon of peak demand.

Edmonton - NDP Leader Rachel Notley announced at a press conference Monday that the Trans Mountain pipeline extension will be approved by the end of May. No, she doesn't have a crystal ball, but she is betting her political career on it.

Alberta - The Canadian crude oil industry has declared a national emergency after prices plunged to record lows. On Thursday, the price of Western Canadian Select closed at a record low just under $14 a barrel.

For the last decade small oil companies have led the way in shale technology, cutting costs by as much as half. Now, with oil prices static, the majors are adopting technology-based solutions in the oil industry to shale, as a way to increase profits.

The Conference Board of Canada released its 2017 report on the oil industry. The forecast is for continued losses for most of the year, even though financial conditions are better and there's the promise of greater pipeline capacity.

An attack on consumers buying electric vehicles in the U.S. was started in 2015. A number of states have already implemented yearly fees on electric and hybrid vehicles, ranging from $50 to $300 per year, and there is more legislation coming in 2017.

Wilmington - The U.S. Justice Dept. has filed suit in federal court in an effort to block a proposed merger between two giant oil services companies that control as much as 50 to 80 percent of the oil drilling and construction market.

Florida environmentalists have had a bit of good news after state lawmakers, bowing to public outcry, unexpectedly dropped a bill backed by the oil industry that would have promoted fracking in the ecologically sensitive Everglades.

Edmonton - May 10 was a National Day of Action on climate change across Canada. The theme of Defend Our Climate - Defend Our Communities was first visited in the fall with a similar Day of Action.

The Academy of Motion Picture Arts and Sciences has thrown down the Gauntlet to the Merchants of War and Death by presenting the Best Picture Award to "Argo," a movie reminding us that peace is the best way to save American lives.

Houston - Recently the oil and gas industry captured headlines in all news publications. Whether it was a new report stating the sector faces a “rollercoaster ride” or Iran building a huge oil refinery in Pakistan, Texas tea is always in the spotlight.

Quito - An odd alliance of governments, film stars, Japanese businesses, Russian institutions, and soft drink companies have come forward to help protect the heart of the Amazon rainforest in Ecuador from exploitation by oil companies.

It has been over two months since the BP oil spill began. With sludge still gushing into the Gulf, it appears that government and industry have learned that prevention is the best method. But can we say the same for regulators in Canada?

One thing about the Great Financial Crisis: It really set the scene for streamlining procedures to avoid dealing with catastrophes. The BP spill has optimized the process, allowing for actual marketing of disasters.

Athabasca - On the occasion of Earth Day, here's a look at the large-scale environmental damage caused by the oil industry in the tar sands of Alberta.

After being charged by the Province of Alberta and the Government of Canada in early 2009 for the deaths of hundreds of ducks in one of Syncrude's waste ponds in the spring of 2008, the case got underway on Monday.

A report quietly released in mid-July by an independent think-tank, the Canadian Defense Security and Foreign Affairs Institute (CDFAI) describes First Nations people as a "threat to the oil industry."

Although many people and organizations within the U.S. energy industry have publicly praised President-elect Barack Obama's choices to head the EPA and DOE, respectively; things will never be the same for the oil, coal and nuclear sectors.

Oil prices have continued to rise daily, with each rise marking a new record for high fuel prices around the world. The blame has been tossed about from one party to the next, but certain Democrats are suddenly backtracking from some of their statements.

We seem to have reached the “Who’s greener than whom” stage of the energy cycle. The House just passed a bill which has been labeled “green pork” by the GOP. It removes that value of tax incentives from the oil industry.