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.
A market-based approach for cutting vehicles’ greenhouse gas emissions—which could include mileage-based driver fees or emissions trading—is the goal as Connecticut, Delaware, New York, Rhode Island, Vermont, and the District of Columbia announced an agreement to work together on the issue, Reuters reports.
The last group of creditors has signed onto the Chapter 11 bankruptcy plan from Energy Future Holdings, and the company plans to lay out the settlement plan before a federal judge Wednesday, Reuters reports.
The Carbon Tracker Initiative warned Tuesday that fossil fuel companies could face $2.2 trillion in stranded assets over the next decade if policy changes fueled by climate change fears make their planned oil and natural gas projects uneconomic, Platts reports.
Oil prices jumped more than 2.5 percent Tuesday on fears that escalating Middle East tensions—after Turkey shot down a Russian warplane—would disrupt supplies. U.S. benchmark crude for January delivery gained $1.12, or 2.7 percent, to settle at $42.87 on the Nymex, while in London, Brent was $1.29 higher to $46.12, The Wall Street Journal reports.
The paperwork for the Northeast Energy Direct project—Kinder Morgan's $5 billion pipeline to move natural gas from the Marcellus Shale to the Northeast—has advanced from pre-filing to full application status at the Federal Energy Regulatory Commission, E&E reports.
The U.S. Chamber of Commerce and other industry groups warn that if the 9th Circuit Court of Appeals doesn't overturn the ruling last December that Teck Metals may be responsible for the cost of cleaning up contamination drifting from its smelter in British Columbia, it could cause “massive liability,” E&E reports.
The Interior Department’s decision to include North Myrtle Beach in studies to determine whether wind leases should be sold off the South Carolina coast has the head of the local Chamber of Commerce excited, The State reports.
Eighty-eight House members, nearly all Republicans, are asking Appropriations Committee Chairman Hal Rogers, R-Ky, to make defunding the Environmental Protection Agency’s new water rule a top priority, The Hill reports.