Close X
Monday, November 4, 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

    Estimate Of Bunker Fuel Spilled In Vancouver Bay Was 'Conservative': Officials

    Estimate Of Bunker Fuel Spilled In Vancouver Bay Was 'Conservative': Officials
    VANCOUVER — Officials in charge of cleaning up a bunker fuel spill in Vancouver's English Bay now say the estimate of what leaked from a grain carrier was a conservative figure.

    Estimate Of Bunker Fuel Spilled In Vancouver Bay Was 'Conservative': Officials

    Accused Terrorist Proposed Training With Paintball Guns To Take Hostages: Trial

    Accused Terrorist Proposed Training With Paintball Guns To Take Hostages: Trial
    VANCOUVER — A court has heard that a man accused of plotting to blow up the B.C. legislature wanted to use paintball guns to practise a hostage-taking scenario in the days leading up to his planned Canada Day attack.

    Accused Terrorist Proposed Training With Paintball Guns To Take Hostages: Trial

    St. Paul's Hospital In Downtown Vancouver Moving To New Site: Health Authority

    St. Paul's Hospital In Downtown Vancouver Moving To New Site: Health Authority
    VANCOUVER — St. Paul's Hospital in downtown Vancouver will be relocated to a new site as the century-old facility makes way for a modern hospital three kilometres away.

    St. Paul's Hospital In Downtown Vancouver Moving To New Site: Health Authority

    Indian-Origin Gita Gordon Liberal Democrats' Candidate in British Polls

    Indian-Origin Gita Gordon Liberal Democrats' Candidate in British Polls
    Gordon, an India-born woman fighting from the South Shields constituency, is the first minority ethnic candidate chosen to fight from a northeast British constituency for the Liberal Democrats.

    Indian-Origin Gita Gordon Liberal Democrats' Candidate in British Polls

    Ryan Reynolds Not Injured After Hit And Run Outside Downtown Vancouver Hotel

    Vancouver police have confirmed that actor Ryan Reynolds was the victim of a hit and run in the parking lot of a downtown hotel.

    Ryan Reynolds Not Injured After Hit And Run Outside Downtown Vancouver Hotel

    2 People Rescued From An Abandoned Building In Vancouver's Downtown Eastside During Three-Alarm Fire

    2 People Rescued From An Abandoned Building In Vancouver's Downtown Eastside During Three-Alarm Fire
    VANCOUVER — Two supposed squatters have been saved from an abandoned building in Vancouver's Downtown Eastside after a three-alarm fire broke out.

    2 People Rescued From An Abandoned Building In Vancouver's Downtown Eastside During Three-Alarm Fire