Tag: Oil

Canadians To Pay Significantly More At The Pumps Thanks To Surging Oil Prices | CTV News

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EDMONTON – As oil prices reach a seven-year high, analysts say Canadians should brace for skyrocketing prices at the pumps this week as the global economy begins to rebound from a pandemic lull.In Winnipeg, fuel prices soared 10 cents overnight to $1.429 cents per litre, up from the average of $1.335 cents per litre – a price that hasn’t been seen in nearly 13 years. Drivers in Toronto, meanwhile, have been told to brace for prices as high as $1.44 cents per litre by Thursday, adding to already inflated prices.…

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Oil Prices Dip Into Negative Territory As Market Crashes | Roadshow

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The US oil market witnessed history as the price dived under $0 a barrel for the first time as the coronavirus pandemic bites. US oil prices crashed below $0 a barrel on Monday and spiraled into negative territory for the first time ever. In a historic crash, oil futures opened at their lowest level since 1983. With hundreds of millions of people around the world staying at home to stop the spread of COVID-19, travel by car or plane is nearly nonexistent. Factor in a major lag in manufacturing and…

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Why It’s Only A Matter Of Time Before Oil Runs Out Of Gas And Electric Vehicles Power Ahead | MarketWatch

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Alternative energy helps the planet and gives consumers choices. Roughly two-thirds of the electricity generated in the U.S. is currently sourced from fossil fuels. The positive news is that only half of that comes from coal; the other half comes from natural gas, which produces half as much CO2 as coal (though it has its own side effects — it leaks methane). Another 20% of U.S. energy comes from nuclear power, which produces zero carbon emissions. The remaining 17% comes from “green” sources, such as hydro (7%), wind (6.6%), and…

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Gas Prices Next Year Could Be Highest Since 2014, Analyst Forecasts | CTV News

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Next year could see the highest gas prices in Canada since 2014 because of carbon taxes, according to an analyst. Current low prices, caused by a glut in supply in recent months are set to rebound sharply in 2019, Dan McTeague, senior petroleum analyst at Gasbuddy.com, told CTV News Channel. But we still have a week or two before things get really “strange”, McTeague said from Oakville, Ont. “You’re going to see 2019, because of carbon taxes, be much more expensive than even 2018, which puts us at the highest…

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Gasoline Prices In Most Of Canada Set To Experience ‘Extreme Volatility’ | CTV News

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CALGARY — Plunging world oil prices have delivered a Christmas miracle of lower gasoline prices across most of Canada but a fuel price expert says motorists should fill up now because prices are expected to be volatile in 2019. Dan McTeague, a senior petroleum analyst at GasBuddy.com, says gasoline prices are at near-18-month lows because of global oil prices that have tumbled over the past two months on worries of an economic downturn, a U.S.-China trading tiff and concerns that members of the OPEC oil cartel won’t live up to…

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Oil Companies Officially Ask Republicans To Kill Effort To Extend Electric Vehicle Tax Credit | Electrek

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As some have launched efforts to extend the federal tax credit for electric vehicles in order to accelerate EV adoption in the US, several trade groups representing oil companies are fighting back. The American Fuel & Petrochemical Manufacturers, along with several other fossil fuel trade groups, have sent a letter to US Senate Majority Leader Mitch McConnell (R-KY) and House Speaker Paul D. Ryan (R-WI) to kill any effort to revive the federal tax credit. Read full story here: Oil Companies Officially Ask Republicans To Kill Effort To Extend Electric Vehicle Tax Credit…

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Canadian Crude Oil Industry In Crisis As Prices Plunge To Record Low | CTV News

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The Canadian crude oil industry has declared a national emergency after prices plunged to record lows. The American benchmark price for oil is now well below $60 a barrel, having dropped $20 in the last six weeks. While that’s good news for prices at the pump, it’s causing misery for producers. The price of The price of Western Canadian Select closed just under $14 a barrel Thursday. The crisis has been blamed on a surplus of product and not enough pipeline to move it. Read full story here: Canadian Crude Oil…

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Trade War Fallout: Why Oil And The Loonie Are Finally Headed Apart | CBC News

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It’s a relationship that Canadians had gotten used to. For years, when the price of oil went up, so did the value of the Canadian dollar. That led to a soaring loonie when oil prices were flying high, but double-takes while travelling in the U.S. once the wind came out of oil’s sails and the Canadian dollar was lower. But a funny thing has happened of late, as the symbiotic relationship between the two has weakened. Or, as Bank of Montreal economist Doug Porter put it, “The Canadian dollar continues to diverge…

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Canadian Oil Selling At A Deep Discount – And It Hurts – Business – CBC News

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North American oil prices are marching toward $65 US a barrel this month, giving the industry a boost after the market collapsed three years ago. The oil sector hasn’t seen these prices since late 2014, but most companies in Alberta are receiving significantly less, just above $40 US a barrel. The Alberta oilpatch continues to increase oil production, but as pipelines fill up, companies are receiving less money for their oil compared to the rest of the continent. While there is always a gap between the North American benchmark, West Texas Intermediate (WTI),…

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No Relief At The Pumps For Consumers, As Refiners Pocket Benefit Of Low Oil Prices | CTV News

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There may be no fact of life more confounding to ordinary Canadians than gas prices. They seem to go up at the first whisper of climbing oil prices, but don’t fall nearly as fast when barrels of oil sell for less. That’s certainly true right now. Oil is selling for about US$55 a barrel, about half of an eight-year peak of $108 in 2014. The average barrel price that year was $88. Gas prices hit a high of $1.41 a litre in Canada in 2014 and averaged $1.28 for the…

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