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by Stockwatch Business Reporter

West Texas Intermediate crude for March delivery added 92 cents to $33.22 on the New York Merc, while Brent for March added 79 cents to $33.89 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.35 to WTI ($18.87), up from a discount of $14.60. Natural gas for March lost 0.7 cent to $2.182. The TSX energy index added 7.87 points to close at 156.69.

In a fresh dose of uncertainty for the energy industry, Ottawa announced late yesterday that it is taking interim measures to "restore trust in environmental assessment" of pipelines -- basically, more posturing and delays. The government has adopted five guidelines: One, no current pipeline proposals will have to restart their reviews (though decisions on Kinder Morgan's Trans-Mountain and TransCanada Corp.'s (TRP: $48.57) Energy East will be delayed). Two, evidence such as "traditional knowledge of indigenous people" will be taken into account (though it is not clear what that knowledge might comprise or how it will be weighed). Three, public input will be sought; four, indigenous people will be "meaningfully consulted" and their rights and interests "accommodated" in certain (vague) circumstances. Lastly, and notably, the reviews will consider greenhouse gas emissions from upstream oil production (though not downstream consumption -- there are fewer political points to be scored on that front, it seems). The government's review process will be separate from the existing National Energy Board (NEB) process and will take place after the NEB completes its reviews. The findings will then be taken to Cabinet for a final decision on approval.

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