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UPDATE – Fort Saskatchewan RCMP Investigate Armed Robbery at 7-Eleven

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UPDATE – Fort Saskatchewan RCMP Investigate Armed Robbery at 7-Eleven

Fort Saskatchewan, AB – As a result of a comprehensive investigation, a Fort Saskatchewan man is facing several charges in relation to the January 22nd armed robbery of a 7- Eleven Convenience Store.

Acting Officer in Charge S/Sgt Mike McCauley said, “I have never been more proud of the Members of the Fort Saskatchewan RCMP.  This investigation was complex and difficult, but virtually the entire Detachment banded together to make these charges possible A crime like this shocks the community and as a Detachment we felt the collective need to see it solved.  I want to send a special thanks to the Integrated Crime Reduction Unit and the Protective Services Analyst who contributed greatly to the success of this investigation.”

Fort Saskatchewan RCMP would also like to thank business owners and members of the public for their assistance in solving this crime.

Fort Saskatchewan resident, Nathan ESTEY is facing the following charges:

·         Section 344(1)(b) C.C.  Robbery with an imitation weapon

·         Section 351(2) C.C.       Intent to commit an indictable offense with a masked face

·         Section 85(2)(a) C.C.    Use of an imitation handgun while committing robbery

·         Section 88 C.C.             Possession of a weapon for a purpose dangerous to the public

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OPEC+ weighs large oil cutback to boost sagging prices

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FRANKFURT, Germany (AP) — The OPEC+ alliance of oil-exporting countries on Wednesday will debate a potentially large cut in the amount of crude it ships to the global economy — a move that could help Russia weather a looming European ban on oil imports and raise gasoline prices for U.S. drivers just ahead of national midterm elections.

Energy ministers from the OPEC cartel, whose leading member is Saudi Arabia, and allied non-members including Russia are meeting in person at the group’s Vienna headquarters for the first time since early 2020 at the start of the COVID-19 pandemic. Russian Deputy Prime Minister Alexander Novak, who has been sanctioned by the U.S., was attending the meeting in Austria’s capital.

A production cut could benefit Russia by establishing higher prices ahead of a European Union ban on most Russian oil imports, a sanction over the invasion of Ukraine that takes effect at the end of the year, analysts at Commerzbank say.

Russia “will need to find new buyers for its oil when the EU embargo comes into force in early December and will presumably have to make further price concessions to do so,” the analysts wrote in a note. “Higher prices beforehand — boosted by production cuts elsewhere — would therefore doubtless be very welcome.”

Moscow also faces a separate push by the U.S. and the other Group of Seven wealthy democracies to impose a price cap on Russian oil by Dec. 5. The EU agreed Wednesday on new sanctions that are expected to include a price cap on Russian oil, an EU official said.

Oil prices surged this summer as markets worried about the loss of Russian supplies from sanctions over the war in Ukraine, but they slipped as fears about recessions in major economies and China’s COVID-19 restrictions weighed on demand for crude.

The fall in oil prices has been a boon to U.S. drivers, who saw lower gasoline prices at the pump before costs recently started ticking up, and for U.S. President Joe Biden as his Democratic Party gears up for congressional elections next month.

It’s unclear how much impact a production cut would have on oil prices — and thus gasoline prices — because members are already unable to meet the quotas set by OPEC+. Yet Saudi Arabia may be unwilling to strain its relationship with Russia even if the world’s largest oil exporter had any reservations about cutbacks and has recently has drawn leaders from Biden to German Chancellor Olaf Scholz to talk about energy supplies.

The Commerzbank analysts said a small trim would likely see oil prices fall further, while the group would need to remove at least 500,000 barrels day from the market to bolster prices.

Such a production cut “would undoubtedly signal to the market the determination and resolve of the cartel to support oil prices,” said UniCredit economist Edoardo Campanella. But supply would drop by less than announced.

“If the group cuts target production by 1 million barrels per day, actual output would likely drop by about 550,000 barrels per day — as countries like Russia or Nigeria that are producing below quota would see their formal target decline but remaining above what they can currently produce,” Campanella said.

At its last meeting in September, the group reduced the amount of oil it produces by 100,000 barrels a day in October. That token cut didn’t do much to boost lower oil prices, but it put markets on notice that OPEC+ was willing to act if prices kept falling.

International benchmark Brent has sagged as low as $84 in recent days after spending most of the summer months over $100 per barrel. U.S. oil prices fell below $80 per barrel Friday. Ahead of the meeting, U.S. crude traded at $86.38 and Brent at $91.66.

The White House declined to comment before OPEC leaders made a final decision on oil production, but press secretary Karine Jean-Pierre told reporters Tuesday that the U.S. would not extend releases from its strategic reserve to increase global supplies.

“We’re not considering new releases,” Jean-Pierre said.

Biden has tried to receive credit for gasoline prices falling from their average June peak of $5.02 — with administration officials highlighting a late March announcement that a million barrels a day would be released from the strategic reserve for six months. High inflation is a fundamental drag on Biden’s approval and has dampened Democrats’ chances in the midterm elections.

Gasoline prices recently turned up because of refinery outages in California and Ohio, and vary widely, from over $6 per gallon in California to under $3 in some parts of Texas and the Gulf Coast, according to motoring club federation AAA. The national average of $3.80 is up slightly but down from a record high on June 14.

One major factor weighing on oil prices has been fears of recessions in places like the U.S. and Europe and slowdowns due to China’s strict COVID-19 measures.

Higher inflation is sapping consumer purchasing power, while central banks are raising interest rates to cool off overheating prices, a step that could slow economic growth. Oil prices at their summer highs, and higher natural gas prices boosted by Russian cutbacks to Europe, helped fuel inflation.

___

Associated Press reporter Josh Boak contributed from Washington.

David Mchugh, The Associated Press

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CP NewsAlert: Hockey Quebec has 'lost confidence' in Hockey Canada; withholding funds

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Hockey Quebec says it has lost confidence in Hockey Canada and will not transfer funds to the national organization.

The provincial federation confirmed to The Canadian Press that its board of directors adopted a motion Tuesday night saying it does not believe Hockey Canada’s current structure can change hockey culture.

The resolution was first reported by La Presse.

More coming.

The Canadian Press

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