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by Stockwatch Business Reporter

West Texas Intermediate crude for July delivery lost 54 cents to $44.20 on the New York Merc, while Brent for August lost 46 cents to $46.91 (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.10 to WTI ($33.10), down from a discount of $10.35. Natural gas for July plunged 15 cents to $2.89. The TSX energy index lost a fraction to close at 174.54.

For oil sands producers, it was another day, another blow, as Alberta's NDP government continued to take steps to enact its "Climate Leadership Plan." One aspect of this plan involves a cap on oil sands emissions to 100 megatonnes a year. (Current emissions are about 70.) Last July, a panel was appointed by the government to provide advice on how to implement the cap, and last Friday, the panel's report was published. The 35-page report, which is non-binding, includes among its recommendations: (i) increased emission-cutting measures and monitoring; (ii) fines for producers that exceed their emission limits, and (iii) governmental authority to force producers to lower their production if they have exceeded their emission limits or even if there are "reasonable grounds" to suspect that they might. As well, during times of "emissions scarcity" (meaning when there is little to no room left under the cap), the government should be able to prevent new construction, including expansions of existing projects, says the report. The Alberta government says it will now begin consultations on the report before moving ahead with policies.

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