Alberta Premier Jim Prentice sails into a troubling sea of oil as tenure begins. (hemmed in by inability to transport bitumen west, east or south so far...supply glut accumulates, foreign investments in new projects backing out...bitumen bubble balloons...) A little more than two weeks on the job, and Alberta Premier Jim Prentice is putting on a brave face about oil prices. Pushing the need for new oil pipelines to Canada’s west and east coasts to boost market access is nothing new for someone in his chair. Alberta leaders going back to Ed Stelmach fretted over the impact on domestic heavy crude prices from growing production in the oil sands and constrained export capacity. Crude, meanwhile, is sloshing in markets around the world. Supplies have climbed above last year’s levels as the boom in light, tight oil from such regions as the North Dakota Bakken formation and Eagle Ford formation in Texas turn away imports to the United States. The increase in output from non-OPEC producers is the big shift in oil markets. theglobeandmail/report-on-business/industry-news/energy-and-resources/alberta-premier-prentice-sails-into-a-troubling-sea-of-oil-as-tenure-begins/article20884055/
Posted on: Thu, 02 Oct 2014 04:09:43 +0000
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