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nuckin_futz

Saudi Arabia declares oil price war on fellow OPEC (and non OPEC)members.

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1 hour ago, nuckin_futz said:

Day wouldn't be complete without some excuses from this Fruit Loop  :lol: ............

 

Trump says Russia, Saudi Arabia and fake news are the reasons for market drop

Mon 9 Mar 2020 14:39:56 GMT

 

Tweet from the President

Inspiring tweet from the man in the White House:
Tweet from the President

Boy good thing they elected a guy who is totally in control and understands science, medicine, and technology, and international relations.....

 

The only fake news is coming out of his mouth. 

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Goldman cuts Canadian 2020 GDP forecast to +0.2% from +0.7%

Mon 9 Mar 2020 16:10:28 GMT

 

Canada is on the brink of recession

 

The collapse in oil prices is pushing Canada towards recession, according to Goldman Sachs. They have cut their 2020 GDP growth forecast to +0.2% from +0.7%. By quarter they see:
  • 0% in Q1
  • -0.5% in Q2
  • 0.25% in Q3
  • 1% in Q4.

They see the Bank of Canada cutting by 100 basis points to take rates back to the 2009-10 low of 0.25%.

 

:sick:

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7 minutes ago, nuckin_futz said:

Goldman cuts Canadian 2020 GDP forecast to +0.2% from +0.7%

Mon 9 Mar 2020 16:10:28 GMT

 

Canada is on the brink of recession

 

The collapse in oil prices is pushing Canada towards recession, according to Goldman Sachs. They have cut their 2020 GDP growth forecast to +0.2% from +0.7%. By quarter they see:
  • 0% in Q1
  • -0.5% in Q2
  • 0.25% in Q3
  • 1% in Q4.

They see the Bank of Canada cutting by 100 basis points to take rates back to the 2009-10 low of 0.25%.

 

:sick:

I struggle with the bold. Oil has been suffering for about six years now? And our economy has been doing fine. Temporary impacts of rail blockades can't be good. Goldman clearly knows more than me but I need more support for that statement.

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3 minutes ago, Shift-4 said:

I struggle with the bold. Oil has been suffering for about six years now? And our economy has been doing fine. Temporary impacts of rail blockades can't be good. Goldman clearly knows more than me but I need more support for that statement.

Well first of all it's not like Goldman is above pushing their own agenda.

 

But the drop in oil is so sudden and drastic. It really is a question of how much of the industry will need to be shelved for at least a while, perhaps a good long while.

 

Other than Quinn Hughes there's not much to get excited about CAD or at least Western Canada right now.

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Man if Energy East doesn't look good to Quebec politicians now I don't know what will. "social acceptance"? MBS is happy to screw over the Canadian economy but yes lets keep buying from him. Just give Quebec 50% ownership of the pipeline and you'll see social acceptance in a hurry. 

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6 minutes ago, Warhippy said:

Ouch

89658932_2886274368131224_658614126532100096_n.jpg

Can I at least get some Cole Slaw and a Buttermilk biscuit with my barrel?

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1 minute ago, nuckin_futz said:

Can I at least get some Cole Slaw and a Buttermilk biscuit with my barrel?

And fries!

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1 minute ago, Ghostsof1915 said:

And fries!

Trying to keep it relatively healthy. The Bitumen is going to be a bi*ch to pass.

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Just now, nuckin_futz said:

Trying to keep it relatively healthy. The Bitumen is going to be a bi*ch to pass.

Take the waste veggie oil from the chicken and make your own biodiesel! Double win! 

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16 minutes ago, Warhippy said:

Ouch

89658932_2886274368131224_658614126532100096_n.jpg

Well, consider how much oil is used to make the chicken B)

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17 minutes ago, Jimmy McGill said:

Man if Energy East doesn't look good to Quebec politicians now I don't know what will. "social acceptance"? MBS is happy to screw over the Canadian economy but yes lets keep buying from him. Just give Quebec 50% ownership of the pipeline and you'll see social acceptance in a hurry. 

So that’s the price for Canadian unity?  Can the West get 50% of Churchill Falls. At least 50% of the maple syrup crop?

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9 minutes ago, Boudrias said:

So that’s the price for Canadian unity?  Can the West get 50% of Churchill Falls. At least 50% of the maple syrup crop?

maybe. Its better than the alternatives. I'm open to other ideas if you have them to move AB bitumen east. 

 

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2 hours ago, Jimmy McGill said:

Man if Energy East doesn't look good to Quebec politicians now I don't know what will. "social acceptance"? MBS is happy to screw over the Canadian economy but yes lets keep buying from him. Just give Quebec 50% ownership of the pipeline and you'll see social acceptance in a hurry. 

Is this a good opportunity to entertain expanding refineries and an energy program again...?

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3 hours ago, nuckin_futz said:

He doesn't listen to advisors. That's why he's on his 4th Chief of Staff.

 

Massive layoffs in red states is not a good thing for him. It's not like the layoffs will be coming in California or Massachusetts.

The Balken is Nebraska and North Dakota. Marcellus is Penn, Ohio (Rust Belt), Eagle Ridge is Texas and LA.

 

That's why he has to fool people that it's actually a positive. Nothing positive about this.

Wouldn't California get hit with some of the job losses?  We have a not insignificant oil industry, albeit one that's been declining for some time.  Our oil is not the cheapest to extract, so our oil workers would more likely to get laid off when prices are low.

 

And, regarding how it impacts the economy as a whole, what has happened with previous changes?  Haven't high gas prices had a negative impact on the econony before? 

 

Trump's tweet may only reflect a narrow view, but I don't think he is wrong.

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43 minutes ago, aGENT said:

Is this a good opportunity to entertain expanding refineries and an energy program again...?

I think so. Just pay off Quebec and be done with it. 

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44 minutes ago, aGENT said:

Is this a good opportunity to entertain expanding refineries and an energy program again...?

Stop using logic.

 

Lol.

 

:P

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Posted (edited)

Whatever happens us poor B.C. consumers are going to pay for it,just look at the gas prices here in B.C. incomparison to some other provinces.

There are more than three provinces here in Canada,Quebec,Ontario and the rest of us.

It shows who the politicians are really working for, doesn't matter what "PARTY" of crooks is in power.

Edited by DADDYROCK

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2 minutes ago, Jimmy McGill said:

I think so. Just pay off Quebec and be done with it. 

 

Just now, BPA said:

Stop using logic.

 

Lol.

 

:P

Seriously though, cratering global oil price war...so rather than letting it simply tank our economy, jobs etc, invest in the country, build a pipeline East (partially owned by QUE and First Nations as you suggest), start building refineries and restart a NEP that makes sense for the country and includes an increasing transition away from fossil fuels while supplying our countries own energy. Trudeau gets to keep oil worker jobs afloat, spread energy wealth across, and to the benefit of the country, and reduce our dependence on foreign oil and their whims.

 

We'd have to get Alberta on board with selling their countrymen below market oil and other parts of Canada owning pipelines etc. But you'd have to think even they're not short sighted enough to ignore what's happening with global oil prices and hence their industry/jobs (though they have surprised me before!).

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