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Oil

Looming election casts uncertainty over Canada’s pipeline prospects

Source: 
E&E

Moves in Canada to develop its own pipeline projects in lieu of the long-delayed Keystone XL are made trickier by the country’s upcoming national election, which will see Prime Minister Stephen Harper seeking another term, E&E reports.

Oil

Union Pacific railroad hauls in 22 percent more 4Q profit

OMAHA, Neb. (AP) — Union Pacific's fourth-quarter profit surged 22 percent as the railroad hauled more freight, raised rates and paid less for fuel.

The Omaha, Nebraska, company beat Wall Street expectations on both net income and revenue, sending shares up more than 4 percent to a new high for the year.

Oil

Oil higher on ECB expectations, OPEC remarks

Source: 
Bloomberg

A prediction from OPEC’s Secretary General that oil prices will rebound, with expectations that the European Central Bank would act to stimulate the Eurozone economy, helped boost oil prices early Thursday. West Texas Intermediate crude for March delivery was up 56 cents to $48.34 a barrel in electronic trading on the Nymex, while in London Brent was 86 cents higher to $49.89, Bloomberg reports.

Oil

$100 crude to return in 3-4 years, predicts Suncor exec

Source: 
The Wall Street Journal

Oil sands producer Suncor is proceeding with its long-term investment plans because the company believes the price of crude oil will return to the $90-$100 range in another three to four years despite its drastic plunge in recent months, the CFO told a conference Wednesday, The Wall Street Journal reports.

Oil

Feds disagree on ConocoPhillips plan to drill in NPR-A

Source: 
E&E

The Bureau of Land Management, the U.S. Army Corps of Engineers, the Environmental Protection Agency and the Fish and Wildlife Service have different ideas about how ConocoPhillips should proceed in drilling in the National Petroleum Reserve in Alaska, E&E reports.

Oil

Questions and answers about oil and gas wastewater spills

Nearly 3 million gallons of briny water generated by crude oil production has leaked from a North Dakota pipeline and reached two creeks, making it the biggest spill of this type of wastewater since the state's Bakken formation oil boom began in 2006.

Here are some questions and answers about oil and gas saltwater spills:

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Montana oil spill renews worry over safety of old pipelines

BILLINGS, Mont. (AP) — A second large oil spill into Montana's Yellowstone River in less than four years is reviving questions about oversight of the nation's aging pipeline network.

Investigators and company officials on Wednesday were trying to determine the cause of the 40,000-gallon spill that contaminated downstream water supplies in the city of Glendive.

EnergyGuardian Photo
Oil

Murkowski sees fast Keystone wrapup possible

The Senate's debate over amendments to the Keystone XL pipeline approval bill could conclude as soon as this week, Sen. Lisa Murkowski said Wednesday, after six amendments got votes and another eight were lined up for consideration.

"What we're doing right now, we're getting to the end of the amendments," she said in an interview, and raised the possibility that amendment debate could wrap up on Thursday. If that turns out to be an accurate prediction, a final vote on passage could come as soon as next week.

Oil

ND official: 3M gallons of saltwater spills, damage unclear

WILLISTON, N.D. (AP) — State officials say nearly 3 million gallons of saltwater generated by oil drilling has leaked from a North Dakota pipeline, though the environmental effects aren't immediately clear.

State health official Dave Glatt said Wednesday that the leak was detected Jan. 6, north of Williston. It's the largest saltwater spill since the state's oil boom began in 2006, and nearly triple the size of the previous record.

Oil

US stocks rise on expected European stimulus, higher oil

NEW YORK (AP) — Another choppy day on Wall Street ended with stocks broadly higher on hopes of new stimulus measures for Europe's weak economy and a sharp rise in oil prices.

Stocks flitted between gains and losses at the open of trading Wednesday, then rose on media reports that new stimulus measures by the European Central Bank will be as large as many investors had hoped. The bank is expected on Thursday to unveil a massive round of government bond buying, a program known as quantitative easing.

All 10 sectors of the Standard and Poor's 500 stock index rose. A gain in oil prices helped push the energy sector up 1.8 percent, the biggest gainer.

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