[Newsbot]

Title: Oil falls below $59 US a barrel
Category: Business
Posted By: WDHIII
Date: 2008-11-12 08:51:56
Canadian

[tritium]

Wonder how that effects the Alberta oil industry where is cost $45 a barrel to pull it out of the ground.

[mtbr]

less profit...not much other than that.

"To this point, all of Canada's major oil companies, such as Imperial Oil Ltd. (IMO/TSX), Suncor Energy Inc. (SU/TSX), Canadian Natural Resources Ltd. (CNQ/ TSX), and EnCana Corp. (ECA/TSX) have very sound balance sheets and growth projects for the future. This enables them to weather this market without suffering serious fundamental damage to their long-term prospects.

http://www.financialpost.com/related/li ... 930193&p=1

[tritium]

mtbr mtbr:

less profit...not much other than that.

"To this point, all of Canada's major oil companies, such as Imperial Oil Ltd. (IMO/TSX), Suncor Energy Inc. (SU/TSX), Canadian Natural Resources Ltd. (CNQ/ TSX), and EnCana Corp. (ECA/TSX) have very sound balance sheets and growth projects for the future. This enables them to weather this market without suffering serious fundamental damage to their long-term prospects.

http://www.financialpost.com/related/li ... 930193&p=1

BUT! But Obama has not been sworen in yet...

[bootlegga]

Looks like Alberta might be feeling the pinch soon...hope those oil companies saved some of those record billion dollar profits to spread around...

[mixedfarmer]

see what happens when people park the suvs and drive small cars. Use less and prices are cheaper to.

[RUEZ]

mixedfarmer mixedfarmer:

see what happens when people park the suvs and drive small cars. Use less and prices are cheaper to.

Uh farmer, this isn't about smaller cars, this is about the problems with the U.S. economy and the recession.

[BartSimpson]

Petrol is less than .50 cents a litre in the Midwest today.

[RUEZ]

BartSimpson BartSimpson:

Petrol is less than .50 cents a litre in the Midwest today.

Wow. Do you post that to rub it in or what?

[BartSimpson]

RUEZ RUEZ:

BartSimpson BartSimpson:

Petrol is less than .50 cents a litre in the Midwest today.

Wow. Do you post that to rub it in or what?

Yep!

Even in California 91 octane is selling for about 53 cents a litre.

I've been having fun with the S-80 and with the holiday yesterday I was able to set the cruise control at about 130kph and not worry too much about the 3mpg frop from doing 100kph.

[RUEZ]

BartSimpson BartSimpson:

Yep!

Uncool Mr. Simpson, uncool.

[Brenda]

RUEZ RUEZ:

BartSimpson BartSimpson:

Yep!

Uncool Mr. Simpson, uncool.

It's below a $ here! WOOOT!!

[dino_bobba_renno]

Oil being down is going to have a major impact on us . I've been saying it for over a year now, the bubble had to burst some time. There's all ready talk of major project cancellations and just about everyone up town is on pins and needles right now. We haven't been hit yet but you can tell that it's just a matter of time. Right now things are business as usual but that's more because the major players have waited to see which direction the economy was heading and to see if the OPEC production cuts were going to be effective. Not to mention you can't just switch gears in the matter of a month or two.

The worst part of this whole thing is that Alberta in all it's wisdom is going to implement the royalty changes in January and there is no sign that they will consider postponing them for a year or two. That compounded with the price of oil and the fact that most major oil companies shares are in the dumps is going to kick us in the ass starting next year.

[scarecrowe]

mixedfarmer mixedfarmer:

see what happens when people park the suvs and drive small cars. Use less and prices are cheaper to.

Just got back from the US. Filled up my empty big ass SUV stateside for $38US. That ain't painful at all.

[commanderkai]

Holy shit, I didn't even realize it went down that low.