MONTREAL (AP) — The deputy mayor of a Quebec town where a fiery oil train derailment killed 47 people said Monday a proposed settlement fund for victims represents just a fraction of what's needed.
A $200-million settlement was announced last week, with more than one-half of the money going to various levels of government. About $50 million is destined for relatives of the 47 people who died in the July 2013 disaster, although the amount could rise. The settlement involves the Montreal Maine and Atlantic Canada Co., its insurance carrier, rail-car manufacturers and some oil producers. Three major companies have declined to participate — World Fuel Services, Canadian Pacific Railway and Irving Oil.
PORTLAND, Maine (AP) — Parties involved in a proposed $200 million settlement fund for victims of a fiery train disaster that killed 47 people asked a Canadian judge Friday to give them until September to pin down the details.
The court filing in Sherbrooke, Quebec, described for the first time how money from the settlement fund could be distributed to victims of an oil train derailment in July 2013 in Lac Megantic, Quebec. A similar filing of a draft settlement plan will be made later in a companion case in U.S. courts.
PORTLAND, Maine (AP) — A proposed settlement fund for victims of a fiery train derailment that claimed 47 lives in Canada is nearly halfway to a goal of $500 million in funding commitments ahead of its filing next month, the defunct railroad's bankruptcy trustee said.
More than a dozen corporations that face potential liability in the Lac Megantic, Quebec, oil train disaster have agreed to pay over $200 million to the fund and that sum could more than double by the time judges in the U.S. and Canada sign off, bankruptcy trustee Robert Keach told The Associated Press.
COALGATE, Okla. (AP) — An explosion and fire early Friday morning killed two people and injured three, two critically, at an oil rig in southeastern Oklahoma.
The explosion occurred around 1 a.m. at the rig about 2 miles west of Coalgate in a remote area of rural Coal County about 100 miles southeast of Oklahoma City, said Sam Schafnitt, chief of operations for the state Fire Marshal's Office.
BISMARCK, N.D. (AP) — North Dakota regulators set new rules Tuesday that will require oil companies that are sending out millions of gallons of crude a week by rail to reduce the oil's volatility before it's loaded onto train cars.
The rules, developed over several months, have been criticized by North Dakota's oil industry, which says the commodity is being unfairly singled out and warns that the new standards could slow production and increase costs.
Steps to require oil companies to remove volatile compounds before shipping Bakken crude by rail could be required by the North Dakota Industrial Commission, which is meeting Tuesday and is likely to finalize measures proposed last month, The Wall Street Journal reports.
Two workers hurt in an explosion at an oil platform in the Gulf of Mexico in November have filed suit against its owner, Fieldwood Energy, and another company contracted to work at the site, alleging negligence, FuelFix reports.
The Senate plans to try to override President Obama’s veto of the Keystone XL pipeline approval this week, while the House plans a vote on measures targeting the Environmental Protection Agency’s use of scientific data, National Journal reports.
Republicans from the Gulf region are angry about Obama administration proposals to cut the money states will get from offshore oil and gas drilling, and Alabama lawmakers Rep. Bradley Byrne and Sen. Richard Shelby say the proposal is "dead on arrival", The Hill reports.
Negotiations between refiners -– represented by Shell Oil. Co. -- and striking workers are set to resume Wednesday, as the walkout by United Steelworkers, now affecting 15 plants, drags toward its second month, Reuters reports.
A strong dollar and an increase in Libyan production helped to pressure oil prices early Monday. U.S. benchmarck crude for April delivery dropped 55 cents to $49.21 a barrel in electronic trading on the Nymex, while in London Brent fell 68 cents to $61.90, Reuters reports.
The administration of Pennsylvania’s new Democratic governor, Tom Wolf, is set to release plans to update drilling rules to address concerns about the health and environmental impact of natural gas drilling, The Associated Press reports.
Michigan lawmakers will be faced this session with deciding what to do in the future about the state’s renewable energy requirement, which currently stands at 10 percent and should be met by utilities this year, Mibiz reports.
Coal price declines are tied to lower natural gas prices, Duke Energy Progress executive Brett Phipps told the Kentucky Public Service Commission in a filing, predicting that coal prices would remain stable in the short term but could become more volatile in the future as miners cut back production, Platts reports.
Former BP CEO John Browne will become executive chairman at LetterOne Energy, backed by Russian billionaire Mickhail Fridman, as the company takes over the oil and gas subsidiary of German utility RWE, The New York Times reports.