Ouch: A barrel of Texas Intermediate crude was at $67.17 Friday afternoon Eastern Time — a whopping 8.9% drop. Related data crunching from Euan Mearns
Ouch: A barrel of Texas Intermediate crude was at $67.17 Friday afternoon Eastern Time — a whopping 8.9% drop. Related data crunching from Euan Mearns
Question? At moment in time was it decided high oil prices a great for the economy as a whole and that oil companies are entitled to make billions and pay their employees million while the rest of the world is a slave to paying high prices at the pumps.
HUH?? Your computer has the same disease as mine. SDA needs a correction or editing bar for lposts.
Many liberal pundits seized on the recent US GDP numbers as a sign that the US economy is in recovery mode. Why then are oil prices, along with the prices of many other commodities, in a protracted slump? I think that the “recovery” is largely a myth created by clever manipulation of statistics.
Muslim Oil Ticks willing to eat cheaper caviar and send cheaper trucks to ISISISILIS if they can save planet from fracking.
We sure haven’t seen any of the promised low prices at the pumps, we’re still paying $1.199/l here in the formerly Sunny Okanagan.
That’s because you’re in BC. Calgary was 99.9 last night and likely less than that now.
“We sure haven’t seen any of the promised low prices at the pumps,….”
And ya won’t fer a while…..their current stocks are the earlier high priced crude.
Now if the crude oil had spiked up….instant spike in gasoline price.
They buy the crude…..they make the rules….
They buy the crude…..they make the rules….
Interesting how they all make the same rules…all at the same time.
It’s the state owners of the oil reserves make the billions, not the oil companies. In the ME and Venezuela and all the other OPEC nations, oil reserves are owned and controlled by the state not the oil companies. The oil companies mostly get their income from shipping, refining and distribution.
Dennis, oil prices are in a protracted slump because there’s an oversupply of oil worldwide. Yesterday, the OPEC nations decided not to cut production, thus maintaining the oversupply of oil and forcing the price downward.
Yeah, yeah… and a month ago the media distraction was Ebola and Obama.
The games they play with “world oil price” has nothing to do with what we pay at the pump. Canadian refineries using domestic crude are not paying “world oil price” for their feedstock, but we do at the pump, and it’s not just taxes that inflate the price. It’s ‘charging what the traffic will bear’ and the government profits too, so they’re not going to change the system to give people cheaper fuel to waste. People complain about the price of fuel being $1.50/liter, then leave their cars idling while they’re in the store whenever it gets below freezing.
Funding terrorists costs a lot, doubt if opec members can afford to cut production. Even if they do hire the cheapest and most incompetent people to produce the oil for them.
People complain about the price of fuel being $1.50/liter, then leave their cars idling while they’re in the store whenever it gets below freezing.
Oh no, they’re doing what they want with their own money…that’ll never do. Can’t have that happening with so many nannies around…
Should be good for airline, transportation, cruise line stocks, not to mention consumer stocks as money gets redirected from fuel costs to other human activities.
More money for all the Christmas retailers…go Santa go go GO!
Cheers
Hans Rupprecht, Commander in Chief
1st Saint Nicolaas Army
Army Group ‘True North’
The geopolitical ramifications of this will be interesting.
Will Venezuela do a fiscal face plant? Will Putin retract his claws? Will it pull Europe out of its current malaise, thus strengthening the EU?
And most critical of all, will I lose my job?
Be interesting to see the black friday numbers. I’m betting they’ll be in the toilet. But that’ll be blamed on the internets and lack of deals or something.
Woohoo! I’m going to be driving the classic BMW in the spring and leave the new and boringly efficient Honda parked. In related news, propane is 60cents/litre where 7 years ago it was 76cents/litre.
Before Common Sense(B.C.) pays on average 32 cents/litre more than AB. But it has nothing to do with carbon taxes, HST, and Lieberal/Dipper gubermints. You vote for it, you pay for it. Enjoy your green! 92.4 cents in Edmonchuck.
Dennis, go to shadowstats.com and read up. The US government has changed the way it measures unemployment and inflation to make the government look good. Calculated with 1970s methodology things are worse in the USA under Barack than they were under Jimmah.
If oil prices keep dropping Ontario and possibly even Quebec may have to pay their own way since they won’t have Alberta’s transfer payments.
Won’t that cause wailing and gnashing of teeth.
Yep, as the CEO of Chevron said a few years back,” if you don’t like high fuel prices, buy something else”.
I’ve tried water in the tank, the truck don’t run so well,so I sigh,bitch, and pay up.
Sean,perhaps we in BC are paying an asshole tax because of those pipeline protesters on Burnaby Mtn.
No it’s hypocrisy to complain about price then waste it foolishly. I couldn’t care less if fools waste their money idling their cars, buying lotto, smokes, junk food, booze and drugs. I have no desire to control their lives or have anything to do with them. They’ll always be poor and looking for handouts; giving up their freedom in exchange for perceived government security. I owe them nothing.
Oh no, they’re doing what they want with their own money.
Nope, most of them are doing it with YOUR tax money. Nearly all of them are on welfare.
ISIS or Iran, or the Saudis are our enemies. Notice any common factor?
When we are an oil producer.
If I need money, I will sell my bank stocks, not my oil stocks. If I get money, I shall buy oil stocks.
” if you don’t like high fuel prices, buy something else”.
That’s what I’ve been doing for years. The fuel I make from what others consider ‘waste’ saves me about 1/3 of the pump price when I mix it with purchased fuel.
I have no problem paying $1.50/liter for pump fuel. It’s made in Canada from Canadian crude and getting it here so I can conveniently fill-up my truck whenever I want, involves a long supply and production chain that keeps Canadians employed, food on their table and a roof over their heads. Buying fuel does a lot more for Canada and Canadians than buying disposable import ‘stuff’ from MalWart.
Somebody explain why diesel hasn’t budged……….because they can?
Very true, Russia is gonna be hurting big time. Their main source of hard cash is energy exports and this should put a crimp in their timetable for invading their neighbours, if not their bellicose rhetoric and Cold War aerial probes, somewhat.
No it’s hypocrisy to complain about price then waste it foolishly.
Yes, I know hypocrisy is one of the leftist’s seven deadly sins. However, would it be less foolish and hypocritical if the price were lower? 🙂
Yes Jan Salt, the welfarers are driving the Mercs and BMWs, and they shouldn’t leave them idling out side in the cold. Could you please git Wally’smart to install some drive through/in so they don’t have to leave theirs expensive cars outside!!!
Hi Sas,
Probably cuz there is a shortage of diesel refinery capacity. So feedstock costs are low but market demand is high.
Not around here, where the typical first immigrant welfare wagon is a late model pick-up truck.
Diesel fuel, home heating oil, and jet aircraft fuel are all about the same fraction coming off the refinery and the high demand in the winter keeps the price high.
would it be less foolish and hypocritical if the price were lower?
It’s foolish and hypocritical because they complain about the price then waste it, the actual price point is irrelevant. Poor people remain poor because they don’t spend the money they get wisely, not because they don’t get enough free taxpayer funded benefits.
Is it only about oil? What if there is something else looming around like a global defletion?
like this?
https://encrypted-tbn1.gstatic.com/images?q=tbn:ANd9GcTzxP9BZ41DwqLTneQt8TsfGylEvNHFhFJXL1BVqlCFSfNlSbO2Fw
Mostly it’s about oil and oversupply. Demand in Europe is pretty flat given its ongoing near-recession. But demand growth in Asia has been at least making up for that.
‘Old hands will know that it is virtually impossible to forecast the oil price.’
In recent years supply and price have become somewhat decoupled is my take away from the link. Where increasing supply once had an instant negative affect on price that seems to no longer hold. Oil prices have held through a period of weak economic growth. Perhaps the market is finally reacting in a more predictable way.
Don Morris @ 3.45pm Before you complain to loudly look to yourself. Your the ones that enabled the DEAD BEAT WITCH.
“Diesel fuel, home heating oil, and jet aircraft fuel are all about the same fraction coming off the refinery and the high demand in the winter keeps the price high.”
Precisely…and then there is that other factor….ya can’t make that fraction without producing gasoline…..high demand for heating oil etc with lower demand for gasoline lowers the price of gasoline…like diesel is cheaper in summer….
Note…gasoline motors resulted from efforts to find a use for that pesky, dangerous gasoline by-product of refining petroleum for lighting kerosene.
Remember that Alberta doesn’t have a sales tax; that’s why gas is always cheaper in Alberta than other provinces.
“Poor people remain poor because they don’t spend the money they get wisely…”
There are many, many reasons why poor people are poor. You have to be pretty callous and patronizing to simply dismiss poverty the way you have.
How do you get rid of competition? Flood the market, prices drop, upstart can’t absorb the loses and goes under. American oil boom? The Saudis won’t allow it. All they have to do is shut the valves and the price goes back up on the world market.
Yeah, we should have voted for the sourpuss NDP warlock,they’d have fixed this Province right up, by increasing the carbon tax and raising the wages of every government funded worker in the Province.
My complaint is more with the local gas station owners who always,always make Kelowna citizens pay the highest prices in the Province. Currently, we are on par with Vancouver,which has about 12 cents a liter in transit taxes.It’s the price of living in a tourist trap.
Kamloops, only 100 miles away, comparable size and customer base, is always about 10 cents a liter cheaper.
He’s the same jackass(north-of-60) that repeatedly asserted that the price of everything(food in particular) was too low and should triple or more because we get things too cheap.
Then he asserts “Poor people remain poor because they don’t spend the money they get wisely”?
Pfft. What an A-hole.
I think he lives on a gold-plated indexed government pension, otherwise if inflation increased 300% a privately invested pension would be worth peanuts.
Welfare people can own cars? Really? So not only do they get free bus passes…but they also get free cars and gas (ie. paid by our tax dollars not money they earn themselves).