Not entirely; Western Canadian Select is down from $85 to $75 in the last two months.Quote: boymimbo
Alberta Crude has been selling at $85 for a while now, as their selling prices are different than say West Texas or North Sea crude. As oil prices drop around the world, Alberta's price has remained stable.
Once you get below $75, that hurts Alberta, as odious alluded to.
I think it's possible the Saudis are taking the long view and trying to minimize the value of the ISIL theft. The lower the price of gas, the less assets ISIL has to work with, because they mainly took over oil wells and are counting on that income to fund their operations. Make the oil wells worthless, either with cheap crude or by disrupting the flow to market, or even destroying the wells ISIL holds, and they're out of business.
I also think the US government is encouraging the Saudis to do it. Low oil prices is one of the hardest ways to hit Russia economically.
$2.66 per gal
Vermont or Peru?
I do everything I can to get the best gas mileage. I accelerate smoothly, I stick to the spped limit, and I keep my Firestone tires properly inflated.
It works too!!
It's $2.66 at the local Chevron.
Is the Chevron in the US?
One theory is that they are trying to put the hurt on the Frackers and the Oil Sands producers, who need the price to be $75+
We also bring natural gas and propane to the surface using the FRAC method. Last winter people who heated using PROPANE got hurt as bad as people that heat using electricity due to shortage and demand
Waiting to see how the next six weeks go out here..... oil companies have set budgets and usually try to spend them before year end
October was a decent month for my crew and most of the other crews around our shop too
$1.02 a Litre out here about $3.40 US per US gallon