Close X
Friday, November 1, 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

    Case Postponed For Montreal Teens Facing Terrorism Charges

    Case Postponed For Montreal Teens Facing Terrorism Charges
    The case involving El Mahdi Jamali and Sabrine Djermane was postponed today to allow defence lawyers to consult evidence they received.

    Case Postponed For Montreal Teens Facing Terrorism Charges

    Harper Government Back In The Middle Of Historic Turk-Armenian Dispute

    Harper Government Back In The Middle Of Historic Turk-Armenian Dispute
    The Harper government is sending Immigration Minister Chris Alexander to Armenia to attend the commemoration of the 1915 massacre of Armenians at the hands of Ottoman Turks. It's a historic tragedy that Ottawa calls genocide, to the anger of Turkey.

    Harper Government Back In The Middle Of Historic Turk-Armenian Dispute

    'Math Is Difficult': Numbers Dominate As Alberta Leaders Square Off In Debate

    'Math Is Difficult': Numbers Dominate As Alberta Leaders Square Off In Debate
    EDMONTON — Alberta Premier Jim Prentice traded barbs with NDP Leader Rachel Notley — mock commiserating with her that "math is difficult" — and literally turned his back on Brian Jean of the Wildrose in a flinty debate Thursday night.

    'Math Is Difficult': Numbers Dominate As Alberta Leaders Square Off In Debate

    Justice Marshall Rothstein To Retire From Supreme Court Of Canada In August

    Justice Marshall Rothstein To Retire From Supreme Court Of Canada In August
    OTTAWA — Justice Marshall Rothstein is retiring from the Supreme Court of Canada effective Aug. 31, just months short of his mandatory retirement on his 75th birthday in December.

    Justice Marshall Rothstein To Retire From Supreme Court Of Canada In August

    Go-Slow Strategy In Play At Duffy Trial Seems To Frustrate Presiding Judge

    Go-Slow Strategy In Play At Duffy Trial Seems To Frustrate Presiding Judge
    Justice Charles Vaillancourt says after 14 days of arguments and testimony, he's only just beginning to see the broad brush strokes of the issues at hand.

    Go-Slow Strategy In Play At Duffy Trial Seems To Frustrate Presiding Judge

    More Residents Set To Leave Northern Ontario Community Threatened By Flood

    More Residents Set To Leave Northern Ontario Community Threatened By Flood
    Chief Derek Stephen says 600 vulnerable residents of Kashechewan on the western shore of James Bay are the first to be evacuated.

    More Residents Set To Leave Northern Ontario Community Threatened By Flood