Oil prices downside

[waynetyea]

last time oil was 55 $ barrell it was sold at the pumps for AROUND 59.9 what a ripoff. i think our primier has something to do with keeping bc with the highest prices of fuel in almost all of canada and especially in western canada by FARRRRRRRRRRRRRRRR. wait till the embargo comes off iran and then there is gonna be a huge glut in oil and maybe the price at the pump in bc will eventually go down a bit. and for all the unemployed albertans heading back to bc well we should send them all back to the moskitoes in alta for the summer .enjoy.

[vegas1500]

last time oil was 55 $ barrell it was sold at the pumps for AROUND 59.9 what a ripoff. i think our primier has something to do with keeping bc with the highest prices of fuel in almost all of canada and especially in western canada by FARRRRRRRRRRRRRRRR. wait till the embargo comes off iran and then there is gonna be a huge glut in oil and maybe the price at the pump in bc will eventually go down a bit. and for all the unemployed albertans heading back to bc well we should send them all back to the moskitoes in alta for the summer .enjoy.

So your post makes your thoughts pretty clear but clearly you have something personal against Albertans. I am an employed Albertan that also has a home in the beautiful city of Kelowna.....so you want to send me back? I have a better idea, why don't you leave.....

[Hassel99]

last time oil was 55 $ barrell it was sold at the pumps for AROUND 59.9 what a ripoff. i think our primier has something to do with keeping bc with the highest prices of fuel in almost all of canada and especially in western canada by FARRRRRRRRRRRRRRRR. wait till the embargo comes off iran and then there is gonna be a huge glut in oil and maybe the price at the pump in bc will eventually go down a bit. and for all the unemployed albertans heading back to bc well we should send them all back to the moskitoes in alta for the summer .enjoy.

last time oil was $55 was April 2009. Price at the pump was $1.04 averaged for BC.
In 2008 the price of oil was $36 and the pump price was around 0.90 averaged for BC.

Source below.

http://www.bcgasprices.com/retail_price_chart.aspx

[django]

last time oil was 55 $ barrell it was sold at the pumps for AROUND 59.9 what a ripoff. i think our primier has something to do with keeping bc with the highest prices of fuel in almost all of canada and especially in western canada by FARRRRRRRRRRRRRRRR. wait till the embargo comes off iran and then there is gonna be a huge glut in oil and maybe the price at the pump in bc will eventually go down a bit. and for all the unemployed albertans heading back to bc well we should send them all back to the moskitoes in alta for the summer .enjoy.

Why would unemployed "Albertans" be coming to BC? Also you should not drink and post.

[fluffy]

wait till the embargo comes off iran and then there is gonna be a huge glut in oil

There already is a huge glut in oil, that's what's driving the price down. Iran, while no slouch, is one of OPEC's smaller players and not likely to cause Canada enough hardship to keep you happy.

Why would unemployed "Albertans" be coming to BC?

It's worth noting that there are more than a few BC residents working the oil patch, or at least were working the oil patch until the whole thing blew apart.

Also you should not drink and post.

My thoughts exactly.

[Dizzy1]

last time oil was 55 $ barrell it was sold at the pumps for AROUND 59.9 what a ripoff. i think our primier has something to do with keeping bc with the highest prices of fuel in almost all of canada and especially in western canada by FARRRRRRRRRRRRRRRR. wait till the embargo comes off iran and then there is gonna be a huge glut in oil and maybe the price at the pump in bc will eventually go down a bit. and for all the unemployed albertans heading back to bc well we should send them all back to the moskitoes in alta for the summer .enjoy.

Do you actually have a point to your gibberish?

[Dizzy1]

It's worth noting that there are more than a few BC residents working the oil patch, or at least were working the oil patch until the whole thing blew apart.

There still are a lot of BCers up here - and probably more Easterners- for many it's still business as usual.

It's not necessarily the current bump in oil prices that layed people off but the finishing of many large projects. Most of them have a few weeks off and are getting ready to head up to the next projects by summer.

[Dizzy1]

If one actually spends time up here - it's not nearly as doom and gloom as the media makes it out to be.

[fluffy]

If one actually spends time up here - it's not nearly as doom and gloom as the media makes it out to be.

I'm on a dispatch board waiting to get back up there myself, and yes, it is picking up, job postings are becoming more and more frequent so it's just a matter of time for me. But it did come down as a pretty big hit at the beginning of the year and a lot of changes made in the way the big outfits spend their money are likely to hang around long after things get back up to speed. The camp I was in went from about 1500 when it broke up for Christmas to about 500 by the middle of February. Last I heard it's sitting around 1200 but there's a shutdown on so that makes a difference.

I just get a little short of patience with people like the OP who are long on whining and short on actual information.

[bob vernon]

Look....... as Steve likes to say, the reason for the sudden and dramatic fall in oil prices in the past year has been the collusion between the US and Saudi's to put Russia in it's place. The Americans, who's production has been increasing, and the Saudi's and Kuwait, have boosted their production in order to drive down the price to a point below the Russian cost of production and transmission to Europe. It's a response to the Russian arms support to ISIS and to Syria, and also to punish Russia for meddling in the Ukraine.

[Joe Public]

Look....... as Steve likes to say, the reason for the sudden and dramatic fall in oil prices in the past year has been the collusion between the US and Saudi's to put Russia in it's place. The Americans, who's production has been increasing, and the Saudi's and Kuwait, have boosted their production in order to drive down the price to a point below the Russian cost of production and transmission to Europe. It's a response to the Russian arms support to ISIS and to Syria, and also to punish Russia for meddling in the Ukraine.

That's illogical; when was the last time that you saw a corporation put politics over profit?

The Saudi's are just good businessmen. They saw all the new sources coming on line, and manipulated output to allow the price to rise, and once everyone had committed to fracking and tar sands, they manipulated output to create the glut. That will lock up oil investment for the next two decades, which is why the price will not return to previous highs for decades. It was a good business decision and any capitalist will applause them. The Saudi's are quite open about their eventual target price of $55.

With regards to gas prices; since when did you ever see a correlation between raw material prices and the finished product. Women pay $90 for Lulu Lemon yoga pants which cost $5 to manufacture. People pay $4 for potato chips which cost 25 cents to manufacture. Capitalism is quite clear, people will pay what the market will bear, and today, people will pay $1.13 per litre.

If you choose to be a consumer and live in a capitalist system, you pay capitalist prices. Stop suggesting that every price on every item is some sort of conspiracy.

[fluffy]

I agree. The current oil woes are about cost of production. Shale oil and tarsand oil are expensive to produce, traditional oil by comparison, is not . The global economic slow-down has resulted in lower demand for oil, and with the new supplies coming out of Canada and the US there is more oil around than there is customers to buy it. OPEC could still make money at prices considerably below the cost of "tight oil", and they have both the oil and cash reserves to outlast the competition. Russia, surprisingly, has weathered this storm better than Canada and the US as most of their oil production is still of the traditional variety, and a significant drop in the value of the ruble has left them well positioned for export.

[waynetyea]

ive lived in kelowna for 25 years. this is one of the most competative towns in the world,.. for everything but gas prices...i know i was in business here for 25 years. look we have the highest prices by farrrrrrrrr in western canada for gas. lets see some comptition here in kelowna rather than in edmonton or calgary or sask. or manitoba, even ontario. we beet them by 20-30%. just once it would be nice to get treated like family instead of the enemy by the rest of canada and the oil industry. sincerly a BCer born and raised and proud of it. just once in my lifetime show me that we could have the lowest price and then i would believe that there really is not someone in edmonton or calgary laughing at us for how much they are charging us .... the enemy. what a horrible joke.

[the truth]

like I have said before the gas station owners in this town are all in bed with each other to keep the prices up

[maryjane48]

Look....... as Steve likes to say, the reason for the sudden and dramatic fall in oil prices in the past year has been the collusion between the US and Saudi's to put Russia in it's place. The Americans, who's production has been increasing, and the Saudi's and Kuwait, have boosted their production in order to drive down the price to a point below the Russian cost of production and transmission to Europe. It's a response to the Russian arms support to ISIS and to Syria, and also to punish Russia for meddling in the Ukraine.

incase you havent looked at news today , it was canada doing the meddling first . i havnt seen any reports even on fox of russia supplying arms to isil but what i have seen is the iraq forces when running away leaving american weapons behind , i feel fairly confident the russians do not make the hummer or m16 .are you sure iran is in opec ?