Fragile Bird Posted December 12, 2014 Share Posted December 12, 2014 Earlier this year friends of mine and I were sadly bemoaning the fact that we would never see oil below $1.00 a litre ever again. And those friends were all my age, and we have lived through oil dropping from $80.00 a barrel to $10.00 a barrel, $140 to $30, and other similar falls in the past. But we thought it would be different this time. Wrong. Oil can be found for $.959 all over Toronto ($1.009 at more expensive full service stations). And it will fall some more. That works out as only $4.22 US for a US gallon! That means instead of filling up for almost $70.00, I can fill up my Toyota Avalon for just over $40.00. $30 a week over 52 weeks = real money. :D What is the price of gasoline doing in your neighbourhood, and what does it do to your budget? Price calculator http://www.mississauga4sale.com/Gasoline-Conversion-Calculator-litres-gallons-us.htm Link to comment Share on other sites More sharing options...
Ser Scot A Ellison Posted December 12, 2014 Share Posted December 12, 2014 This is tactical by OPEC to try to put frackers and tar sands out of business. Once they are hurt enough supplies will decline and prices will rise. Link to comment Share on other sites More sharing options...
Swordfish Posted December 12, 2014 Share Posted December 12, 2014 Finally falling under $3 a gallon here. Link to comment Share on other sites More sharing options...
Fragile Bird Posted December 12, 2014 Author Share Posted December 12, 2014 Actually, I think this time around the targets are ISIS, since they have been selling oil into the market, and Russia. ETA: At first everyone said North America was the target, but I don't think so. For one thing, there is a lot of Arab investment in world markets and they are not only taking in less money, they are being hit in their portfolios. But the idea of the caliphate is scarier. Link to comment Share on other sites More sharing options...
kairparavel Posted December 13, 2014 Share Posted December 13, 2014 I paid $2.59/gallon today. Link to comment Share on other sites More sharing options...
Shryke Posted December 13, 2014 Share Posted December 13, 2014 This is tactical by OPEC to try to put frackers and tar sands out of business. Once they are hurt enough supplies will decline and prices will rise. Won't work. The Tar Sands, at the very least, will just keep on chugging because they'd lose more money stopping and restarting the operation then they do by just polluting and fouling their way through a few unprofitable years. Link to comment Share on other sites More sharing options...
Solmyr Posted December 13, 2014 Share Posted December 13, 2014 Only dropped by €0.12 and still costs over €1.10 around here. Used to be nearly €1.25 in the summer tho. Link to comment Share on other sites More sharing options...
Gillio Posted December 13, 2014 Share Posted December 13, 2014 Here is our local fuel finder Its cents per litre you get cute little graphy thingies if you click the fuel station logos Link to comment Share on other sites More sharing options...
HexMachina Posted December 13, 2014 Share Posted December 13, 2014 Cheapest I have seen around here is 113.9, which is the cheapest I have seen in a long time Link to comment Share on other sites More sharing options...
The Notorious Posted December 16, 2014 Share Posted December 16, 2014 Won't work. The Tar Sands, at the very least, will just keep on chugging because they'd lose more money stopping and restarting the operation then they do by just polluting and fouling their way through a few unprofitable years. Nonetheless, quite a few small to midsize players will face massive debts and bankruptcy, then they'll have to sell (or face hostile takeover) their acreages to the larger international players. The end-game is still to crush the rise of American domestic production. Actually, I think this time around the targets are ISIS, since they have been selling oil into the market, and Russia.ETA: At first everyone said North America was the target, but I don't think so. For one thing, there is a lot of Arab investment in world markets and they are not only taking in less money, they are being hit in their portfolios. But the idea of the caliphate is scarier. ISIS black-market sale of oil is a few hundred mils annually if that. A paltry sum to the billions OPEC are getting hit with right now. But like I said earlier, it's a small and temporary price to pay to break the American frakkers and capture the producing acreages in a few years. Link to comment Share on other sites More sharing options...
Larry of the Lawn Posted December 16, 2014 Share Posted December 16, 2014 Diesel was $4.35 this time last year, now I can get it for $3.50. Gas was $ 2.85 this AM. Link to comment Share on other sites More sharing options...
Fez Posted December 16, 2014 Share Posted December 16, 2014 Nonetheless, quite a few small to midsize players will face massive debts and bankruptcy, then they'll have to sell (or face hostile takeover) their acreages to the larger international players. The end-game is still to crush the rise of American domestic production. It won't work. Not without prices falling to a level that no one except maybe the Saudis can withstand for very long. They succeed in stopping further expansion for a time, but most of the wells aren't going to start shut down unless prices fall to around $30/barrel and stay there. Link to comment Share on other sites More sharing options...
The Notorious Posted December 16, 2014 Share Posted December 16, 2014 It won't work. Not without prices falling to a level that no one except maybe the Saudis can withstand for very long. They succeed in stopping further expansion for a time, but most of the wells aren't going to start shut down unless prices fall to around $30/barrel and stay there. The wells won't shut down, but many of the small the mid-size domestic producers (such as sandridge or chesapeake et al.) are swimming in massive debts (ironically to finance the great frakking boom) and will be forced to liquidate their holdings to fight off bankruptcy. Link to comment Share on other sites More sharing options...
Jaxom 1974 Posted December 16, 2014 Share Posted December 16, 2014 Are you arguing for or against? I'm just not keeping up I guess... Link to comment Share on other sites More sharing options...
The Notorious Posted December 16, 2014 Share Posted December 16, 2014 Are you arguing for or against? I'm just not keeping up I guess... I think domestic producers must be saved if we want to crush OPEC and its pernicious effect to drag our country into Middle Eastern quagmires. Link to comment Share on other sites More sharing options...
Jaxom 1974 Posted December 16, 2014 Share Posted December 16, 2014 Ah. I can agree with that. Link to comment Share on other sites More sharing options...
cdawnb Posted December 16, 2014 Share Posted December 16, 2014 I paid $2.23 a gallon. It's not something that will last but the drop over the last couple of months did allow me to buy some Christmas gifts for my granddaughter. So yay for that. Link to comment Share on other sites More sharing options...
Tears of Lys Posted December 16, 2014 Share Posted December 16, 2014 Around SE Michigan it's about $2.49/gal. In northern Ohio I've seen it for about $2.29. If I were a conspiracy theorist, which I'm not, I'd say that the real target is Russia and Putin. Apparently, this is really hitting them hard - so hard that the shine is dulling on Putin's halo for the Russian people. or so I've heard. Link to comment Share on other sites More sharing options...
Larry of the Lawn Posted December 16, 2014 Share Posted December 16, 2014 I'm stockpiling gas right now. I've been filling up garbage bags with it and my basement is now stocked with gas. All I could hear over the din of complaints about DOT regs and safety concerns while I filled them up was the little cash register sound in my head going "Ka ching Ka ching ka ching". Link to comment Share on other sites More sharing options...
Fragile Bird Posted December 16, 2014 Author Share Posted December 16, 2014 The Russians raised interest rates 6.5% overnight, from 10.5% to 17%, to prop up the collapsing ruble. Inflation is expected to be at least 10%, and they are going into a recession. Link to comment Share on other sites More sharing options...
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