Consumption decline is not temporary. Travel will not be the same for a while.
Yes, I think we are in for a bumpy ride.Given the current position of US producers they will not come out of this ahead and will lose market share. I fully expect to see the US return to a net oil importer within a year.
I'm guessing 2$ a litre for regular gas by December. I hope I'm wrong.
So is my income
The higher the price for fule the
less money I have for other bills
and food and other things needed
to run a family farm
Excuse my lack of knowledge...can Alberta oil be refined to petroleum? I seem to think that it needs "higher grade" mixed? Is there truth to that?
If crude oil could be piped from Alberta and the rest of the
Western Provinces across Canada we would be self-sufficient
in fule oil and Gasoline. There are 17 refineries in Canada 6 in western Canada,
4 in Ontario, 2 in Quebec, and 2 in the Atlantic Provinces. In 2018, Canadians
consumed 46 billion liters of gasoline. That's a lot of gas for just over 40 million people
Sarnia, Ontario isn't too far from me, maybe 120kms. Also known as chemical alley, what "oil" are they processing? My aunt works for Suncor and others over here career as a biologist. She is close to retirement age and was expressing deep concern that everything may get shut down due to pricing. She claimed the company doesn't make a nickel until a barrel sells for 42$. They were having a burn rate of 68$ million a day for her plant. Her retirement (stocks) had taken a 40% loss. A rough spot to be in for everyone for sure.
Or notThe US shale oil industry is in for a world of hurt. The Keystone XL Pipeline is under construction and will displace another 830,000 bpd of domestic US crude with Canadian Heavy oil.
The U.S. Supreme Court refused to let construction start on TC Energy Corp.’s Keystone XL oil-sands pipeline, rejecting a bid by President Trump’s administration to jump-start the long-delayed project.www.latimes.com