Despite a new Republican majority in Congress intent on sending President Obama a Keystone XL pipeline approval bill early next year, environmentalists say they're as ready as ever to mobilize activists to fight the project, Politico reports.
Canadian Finance Minister Joe Oliver reaffirmed his country's commitment to advance TransCanada's Keystone XL pipeline project and expressed hope that it would eventually win approval, Reuters reports.
President Barack Obama said Wednesday he won't shortcut the ongoing State Department review of the Keystone XL oil sands pipeline project, minutes after incoming Senate majority leader Mitch McConnell said it would be among energy bills he would attempt to pass.
"There's an independent process, it's moving forward, and I'm going to let that process play out," Obama said at his post-election press conference. "I'm just going to gather up the facts."
Obama said he will still evaluate the project on a number of factors, including its impact on global warming and the outcome of a court case in Nebraska. He did not say, however, whether he would veto an approval bill sent to him by congressional Republicans.
McConnell, R-Ky., earlier Wednesday included the estimated $8 billion project in energy bills he said the new Senate Republican majority will send to Obama in the next Congress.
TransCanada said Tuesday it will be spending more on pipeline projects in Western Canada and Ontario even as its estimates for the cost of the long-delayed Keystone XL pipeline jump to $8 billion, The Wall Street Journal reports.
TransCanada has filed an application running more than 30,000 pages with the country’s National Energy Board, seeking approval of the Energy East pipeline which would carry Alberta oil sands crude east, a process likely to take some 18 months, The Canadian Press reports.
TransCanada says it will file an application with Canada’s National Energy Board on Thursday, asking for approval of its Energy East pipeline, a $10 billion project to transport oil sands crude east across the country from Alberta, Reuters reports.
TransCanada’s proposed Energy East pipeline, which would bring oil from Alberta to Quebec and New Brunswick, could also – with an oil tanker link –- get the oil sands crude to U.S Gulf Coast refineries even if the Keystone XL pipeline continues to be delayed, CEO Russ Girling said, The Wall Street Journal reports.
Energy interests and environmental groups won't explicitly say the long-delayed Keystone XL pipeline is losing political priority, but green groups seem more focused on greenhouse gas reduction as oil companies find new ways to ship Canadian crude oil, Politico reports.
Shares in TransCanada, the company behind Keystone XL, have increased 70 percent in the six years the project has been stalled – that’s one of the points Bloomberg Businessweek notes as it looks back over the history of the proposed pipeline.
Short-covering and the expiration of the front month contract helped power oil prices to a huge gain Friday. West Texas Intermediate crude for January delivery shot up 5 percent, or $2.41, to settle at $56.52 a barrel on the Nymex, while in London February Brent finished $2.11 higher at $61.38, Reuters reports.
Oilfield services company Baker Hughes reported Friday that 1,875 rigs were drilling for oil and gas in the U.S. this week, a drop of 18 and the second week in a row that the number has fallen, FuelFix reports.
Comparing present-day statistics with numbers during the oil bust in the mid-1980s has led JP Morgan Chase economist Michael Feroli to warn that Texas could slip into a regional recession next year, FuelFix reports.
Job losses in the power generation sector over the past three years topped 5,800, according to data released by the Energy Information Administration Friday, which said all parts of the industry were affected other than renewable energy, The Hill reports.
Avenue Capital, the hedge fund run by Marc Lasry that specializes in buying distressed companies’ debt, is raising $750 million for a fund that will focus on the energy sector, according to the Pennsylvania Public School Employees’ Retirement Board, which confirms it has put in $200 million, the New York Post reports.
Tesla is testing the market for battery swaps: Near California supercharging stations where Model S owners can top up their batteries for free, the company is creating a facility where drivers can pay a cost equivalent to a tank of gasoline and get a fully-charged battery installed in three minutes, The Wall Street Journal reports.
The growth of global carbon emissions slowed in 2013 -– although the total of 35.3 billion tons did set a record -- and the rate of increase tailed off despite an uptick in economic activity, says a report from the European Commission’s Emissions Database for Global Atmospheric Research, or EDGAR, according to E&E.
INEOS hopes to get commercial shale gas production under way in Britain before the end of the decade, according to documents the government released Friday, which detailed the company’s presentation to the Department of Energy and Climate Change in February, Platts reports.