Close X
Thursday, October 31, 2024
ADVT 
National

Energy Stocks Hit As Oilpatch Takes Stock Of Ndp Election Victory In Alberta

Darpan News Desk The Canadian Press, 06 May, 2015 11:27 AM
    CALGARY — Oil and gas stocks are being hit on the Toronto Stock Exchange following the NDP election victory in Alberta.
     
    The energy group as a whole was down about two per cent in late morning trading Wednesday, with big oilsand company Cenovus (TSX:CNQ) falling by about four per cent.
     
    The share price drop comes as crude prices are rising to around US$61.50 a barrel, an improvement from the US$50 level they hovered at for much of early this year.
     
    The NDP has said it would raise corporate taxes to 12 per cent from 10 per cent and examine whether Albertans are getting their fair share of royalties.
     
    Premier-elect Rachel Notley has also said she would take a less hands-on role in stumping for certain pipeline proposals — unlike past Progressive Conservative premiers who actively promoted projects like Keystone XL and Northern Gateway.
     
    The CEO of pipeline giant Enbridge, the company behind the contentious Northern Gateway proposal, says he's not worried and he's looking forward to chatting with Notley.
     
    "Energy is such a critical issue to Alberta. I'm really not that concerned that it's not going to get the right attention or the right support from the new government," Al Monaco said on a conference call to discuss first-quarter results.
     
    "I haven't spoken to Ms. Notley on the (Northern Gateway) project. My understanding is that she has raised concerns about a couple of projects and their ability to succeed, but ultimately I believe that the new government does support market access that will be obviously something the government would be focused on."
     
    Monaco said it's too soon to tell how a potential royalty review would affect the volumes of crude oil shipped on Enbridge's vast cross-border pipeline network.

    MORE National ARTICLES

    Allan Schoenborn, B.C. Dad, Who Killed 3 Kids Says He'll Try To Control Anger If Allowed Outings

    Allan Schoenborn, B.C. Dad, Who Killed 3 Kids Says He'll Try To Control Anger If Allowed Outings
    COQUITLAM, B.C. — A B.C. man who murdered his three children has promised he won't try to escape if he gets permission to go on escorted outings from a psychiatric hospital.

    Allan Schoenborn, B.C. Dad, Who Killed 3 Kids Says He'll Try To Control Anger If Allowed Outings

    West Vancouver Teen Investigated For Attempted Murder In Attack On Family Member: Police

    West Vancouver Teen Investigated For Attempted Murder In Attack On Family Member: Police
    VANCOUVER — Police say a 16-year-old West Vancouver resident is being investigated for attempted murder after a violent attack on a family member.

    West Vancouver Teen Investigated For Attempted Murder In Attack On Family Member: Police

    Topless Pro-Abortion Protester Disrupts News Conference In Quebec As Archbishop Reads Pope's Message

    Topless Pro-Abortion Protester Disrupts News Conference In Quebec As Archbishop Reads Pope's Message
    QUEBEC — A bare-chested female activist disrupted a news conference in Quebec City today and denounced what she called anti-abortion legislation.

    Topless Pro-Abortion Protester Disrupts News Conference In Quebec As Archbishop Reads Pope's Message

    New Head Coach Jeff Tedford Says Tempo Will Be Key For B.C. Lions

    SURREY, B.C. — B.C. Lions head coach Jeff Tedford stands in the middle of the field and shouts at no one in particular to get moving.

    New Head Coach Jeff Tedford Says Tempo Will Be Key For B.C. Lions

    Newfoundland And Labrador Raises Taxes, Fees In Election Year Budget

    Newfoundland And Labrador Raises Taxes, Fees In Election Year Budget
    ST. JOHN'S, N.L. — Taxpayers in Newfoundland and Labrador are going to pay more as the provincial government looks for ways to cope with a downturn in oil and commodity prices in the budget it tabled Thursday.

    Newfoundland And Labrador Raises Taxes, Fees In Election Year Budget

    NDP Ad Promotes Child Care Plan, Mulcair As Father, Grandfather

    OTTAWA — Federal New Democrats are bringing out a new ad that gives glimpses into Tom Mulcair's personal life. The online ad is ostensibly aimed at promoting the party's $15-a-day national child care plan.

    NDP Ad Promotes Child Care Plan, Mulcair As Father, Grandfather