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.
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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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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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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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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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Originally posted by stripes View PostHeard 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.
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, 02:20 PM.
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Sure makes for interesting pre election and pre budget strategy. What goes up must come down. I remember being to,d that we would never see 10% mortage rates again and now they are 3%.
If we could predict the future we would have won the lottery.
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Originally posted by Beachnana View PostSure makes for interesting pre election and pre budget strategy. What goes up must come down. I remember being to,d that we would never see 10% mortage rates again and now they are 3%.
If we could predict the future we would have won the lottery.
http://youtu.be/9IKVj4l5GU4
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Originally posted by Janibel View PostNobody can predict what will happen ... but if we don't aggressively manage our energy needs we won't have a future. I for one would rather go to work using a bloody horse and carriage than have to spend the rest of my life wearing a gas mask and eating "soylent-green".
http://youtu.be/9IKVj4l5GU4
I only use my vehicle 4 times per week as that is the number of times I travel into town from my home. I plan my week to coincide with commitments. If I have too many commitments and have to travel more than 4 times I reduce the following weeks travelling. I did this because when I moved out to the Lake I found my gas costs unaffordable, so now the savings have added up and I use less gas to boot.
Have you ever travelled on the southern Ontario hiways and been the only one travelling in the fast lane for cars with more than 1 passenger. Why do people not car pool. A much friendlier way to go to work. Someone to talk with and you all save. But very few do.
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Originally posted by Beachnana View Post
Have you ever travelled on the southern Ontario hiways and been the only one travelling in the fast lane for cars with more than 1 passenger. Why do people not car pool. A much friendlier way to go to work. Someone to talk with and you all save. But very few do.
We all have to breathe the same air (at least for now). Heck I'm 56 years old and can manage to go get my groceries with a bicycle. In the winter I shop with a friend (saves money and gas).
It all boils down to being mindful .... (I'll get off my soap box now - this issue is important to me)
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I do live on a lake and I do have a boat, but I try and do,what I can. i have a landry ball which means I do not need to use washing detergent. I do not use any bleaches and we do not spray for weeds, because I so not want all that crap going into the lake.
My point is if we can all change a few things it will make an impact.
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