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by Stockwatch Business Reporter

West Texas Intermediate crude for April delivery added 26 cents to $67.16 on the New York Merc, while Brent for May added 22 cents to $70.78 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.80 to WTI, down from a discount of $11.90. Natural gas for April added 19 cents to $4.24. The TSX energy index added 4.40 points to close at 268.61.

Today the chief executive officers of 14 of Canada's largest oil, gas and pipeline companies published an open letter to federal political leaders, urging them to declare an "energy crisis" in order to accelerate the construction of new infrastructure. The CEOs called for the repeal or overhaul of unpopular legislation (such as the Impact Assessment Act and the emissions cap), for crucial projects to be deemed a matter of national interest, and for timelines of no longer than six months for regulatory approvals.

"By declaring a Canadian energy crisis and key projects in the 'national interest,' the federal government will be able to use all available emergency powers to ensure that the dramatic regulatory restructuring required to expand the oil and natural gas sector is rapidly achieved," wrote the CEOs. They added that Canadians are increasingly seeing the importance of wielding oil and gas resources to raise living standards both domestically and by being a "global leader ... [and] provider of affordable, democratically produced energy to people around the world." The federal government must play its part by simplifying approvals, staying out of provincial jurisdiction and generally "allow[ing] the sector to reach its full potential."

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