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Old 01-26-2015, 07:39 PM
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I cant remember when the gas prices were as low as today at $0.68 per liter. Maybe some places go even lower because theres always a station where you can find gas for a penny or 2 less. This is 50% down of what some eastern provinces had to pay last year. I dont know what politics are behind this as Russia and Iran have complained but it sure help our wallets here. I can go again Edmonton - Calgary for well under $100, 2 way.

Last edited by The Iceberg; 01-26-2015 at 07:41 PM. Reason: Spell
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Old 01-26-2015, 07:54 PM
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Down side is the amount of jobs that are going to be lost though - this effects people across the country as many people work in oil service industry, not just on the rigs. I shudder to think about people losing their jobs and being stuck with big mortgages and homes they can't sell. In the early 80's Alberta suffered tremendous economically whith the Federal Liberals and their National Energy Policy. MANY people lost their homes and businesses. People haven't forgotten the wide-spread economic devastation of the Liberals. I remember our first home mortgage jumped to 18% paying upwards of 22% for equipment loans. IT was insane.
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Old 01-27-2015, 02:09 AM
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Unfortunately I have no knowledge how it works. Canada has cheapest gas even when the prices dont go down, right? In some parts of Europe it was around 2 euros when here is around a buck per liter. Is it because AB and SK have some oil? I think gas prices in Arabia and other oil countries are pennies per liter. I saw once on TV how they spray gas station floors instead with water. Thats because they got too much. Canada has oil too so I thought it would be reasonable that prices are low here. But again IDK how it works.
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Old 01-27-2015, 02:19 AM
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I don't think that the current decrease is sustainable. I work within the industry, and all capital projects are on hold. We let a number of head office personnel go a few months ago, and we are only seeking production if there's profitable contracts to justify the work.

The trickle down of this is that the O&G sector comprises a lot of dividend and income funds. At a certain point distributions will dry up, and those stocks will crash further. My employers stock has dropped 20% since last summer.

The last time we cut our dividends, we had legions of angry seniors calling investor relations.
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Old 01-27-2015, 07:17 AM
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Gas is still 109 in montreal
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Old 01-27-2015, 08:47 AM
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It's about 83 in Ottawa and loving it. Every time I fill up now it's like putting $20 back in my pocket. Maybe I'll start an RRSP.
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Old 01-27-2015, 09:29 AM
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Hopefully in another ten years or so, most of us will be driving electric vehicules or some other alternative energy source. IMO whatever price gas goes for is too high - it's not worth destroying the planet over .....
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Old 01-27-2015, 11:53 AM
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67 cents today in edmonton.

Janibel: if economy is crashing because of gas prices going down, what would happen if we didnt use the gas?
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Old 01-27-2015, 12:09 PM
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Heard a speaker talking about this last night at a public lecture - his take was that the low prices are driven by the Saudis opening the floodgates and oversupplying the market in order to drive prices down to harm their competitors (mainly North American frackers). But the Saudis can't maintain this level of production at low profit indefinitely, because it will start coming back to bite their own budget, and eventually they will reduce the amount of oil they're putting out, and prices will come back up.

I'm in Alberta where there's panic and freakouts over the falling prices - but I can't help thinking that episodes like this may be a good reminder to our government that we can't build our entire economic future on oil and gas and we better get serious about diversifying (this applies at the individual level to people and households too). We're too comfortable with treating oil as the golden goose.
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Old 01-27-2015, 01:17 PM
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Quote:
Originally Posted by stripes View Post
Heard a speaker talking about this last night at a public lecture - his take was that the low prices are driven by the Saudis opening the floodgates and oversupplying the market in order to drive prices down to harm their competitors (mainly North American frackers). But the Saudis can't maintain this level of production at low profit indefinitely, because it will start coming back to bite their own budget, and eventually they will reduce the amount of oil they're putting out, and prices will come back up.

I'm in Alberta where there's panic and freakouts over the falling prices - but I can't help thinking that episodes like this may be a good reminder to our government that we can't build our entire economic future on oil and gas and we better get serious about diversifying (this applies at the individual level to people and households too). We're too comfortable with treating oil as the golden goose.
Here, here! (Janibel removes her shoe and hits her desk several times in agreement!) New cleaner methods of public and private transportation are the answer for the future. Everyday technology is improving and creating jobs in research, alternative and sustainable (regional) energy sources. Sweden's public bus' run on methane gas!!

The possibilities are endless - peak oil is almost here anyways so why worry about gas prices and the jobs lost? It's over.

Last edited by Janibel; 01-27-2015 at 01:20 PM.
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