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.
From its present estimate of $5.4 billion, the cost of building the long-delayed Keystone XL pipeline could end up at $10 billion, CEO Russ Girling told The Wall Street Journal in an interview, six years after the company first submitted its permit application for the project.
TransCanada –- the company that would build and operate the proposed Keystone XL pipeline – has filed a request with South Dakota to have the state reissue certification for the project since the original has expired, The Hill reports.
Oil prices appeared holding steady early Monday, as the talks over Iran’s nuclear program appeared headed for a break to be resumed next month and ahead of an OPEC meeting that will make key decisions on crude production. U.S. benchmark crude was 15 cents higher at $76.66 a barrel in electronic trading on the Nymex, while in London Brent edged up 4 cents to $80.40, Reuters reports.
In the Republican’s nationally broadcast address over the weekend, Rep. Bill Cassidy, R-La. -- who is seeking to unseat Sen. Mary Landrieu, D-La. in a December runoff election -- called on President Barack Obama to approve the Keystone XL pipeline, saying the case for the long-delayed project is “clear and obvious,” The Hill reports.
With Sen. Lisa Murkowski, R-Alaska, taking over as head of the Energy and Natural Resources Committee in the new Republican-controlled Senate, the issue of drilling in the Arctic National Wildlife Refuge is likely to be revisited, The Hill reports.
George Banks of the R Street Institute, former committee staffer for Sen. James Inhofe, R-Okla., predicts that the new Republican-controlled Congress will lift the ban on crude oil exports and push through approval of the Keystone XL pipeline, but that there won’t be a significant upsurge in bipartisanship on Capitol Hill – assessments Alison Cassady of the Center for American progress doesn’t share, The Wall Street Journal reports.
The U.S. power supply ought to be able to withstand another polar vortex should the frigid temperatures descend again this winter, although margins are shrinking and changes may be needed to the way the availability of resources is calculated, according to an assessment from the North American Electric Reliability Corporation, Platts reports.
In a year when initial public offerings for master limited partnerships raised a record $6.8 billion, analysts are warning that investments in pipeline and midstream MLPs no longer appear to offer their traditional low-risk, high-yield benefits with the same degree of consistency, The Wall Street Journal reports.
With the cost of solar and wind power dropping dramatically in recent years, the renewable energy sources are becoming more directly competitive with electricity from gas and coal-fired plants, The New York Times reports.
State legislatures have so far rejected attempts to overturn renewable energy mandates -– although Ohio this year did freeze its green energy targets -– but the Koch-founded Americans for Prosperity is continuing to pour money into the fight against them, National Journal reports.
The shale boom that has brought wealth and jobs to North Dakota is starting to be questioned by some residents concerned about health, safety and pollution costs as well as financial exploitation by major companies making moves that are backed by state regulators, The New York Times reports.