The Arrogant Worms Posted June 22, 2022 Share Posted June 22, 2022 With these inflation numbers It's going to be interesting with so many contracts up The BCGEU will be releasing the results of their strike vote this week. Cant have my Govt Liquor Store closed. They like BC Ferries are having trouble finding people to work as they only hire casuals who have to be on call 24/7 with no guarantee of hrs. PSAC which represents more than 120,000 Canadian Govt workers have declared an impasse. I believe the Govt has offered 1.2% which is way too low given the rate of inflation and considering they went 4 years without a new contract and now it is up again. 1 Link to comment Share on other sites More sharing options...
Gurn Posted June 23, 2022 Share Posted June 23, 2022 Horrible news/opinion from former Bank Of Canada Governor https://www.msn.com/en-ca/money/topstories/higher-oil-and-gas-prices-may-be-permanent-former-bank-of-canada-governor/ar-AAYL0u5?ocid=msedgntp&cvid=c17a3192e27f4f51a204cc904192c13a The Canadian economy may need to find a way to permanently adjust to higher oil and gas prices even when the cost of other goods start to fall, according to a former Bank of Canada governor. In an interview Wednesday with CBC News Network's Power & Politics Stephen Poloz, who was the Bank of Canada governor from 2013 to 2020, said Canada's inflation rate may get back down to the official two per cent target in a year or two, but he struck a less optimistic note when it came to the higher cost of fuel. "We might have to pay more for oil and gas forever," Poloz told host Vassy Kapelos. "And if that's the case, that's not inflation. It's a higher price that we'll have to pay and we'll adjust to that higher price somehow in our economy." Earlier in the day Statistics Canada reported that Canada's inflation rate hit a nearly 40 year high of 7.7 per cent. While the average cost of food items went up 9.7 per cent over the past year, it's the higher cost of gas — up 48 per cent compared to a year ago — that's the single biggest factor affecting the inflation rate. | Poloz said the key question Canada's central bankers will examine in trying to manage inflation is how the high fuel prices end up affecting other parts of the economy. "That is the part that is subject to control, and that is the part the central banks will be responding to, not the energy costs themselves," he said. The bank has raised interest rates a number of times this year, citing inflation. The benchmark interest rate is currently 1.5 per cent. The United States Federal Reserve recently hiked its benchmark interest rate 75 bases points to 1.75 per cent, its single biggest hike in decades. Poloz said he expects the inflation rate to start ticking down in the latter half of the year, in part because of the Bank of Canada's tightening. Link to comment Share on other sites More sharing options...
Warhippy Posted June 23, 2022 Share Posted June 23, 2022 2 hours ago, gurn said: Horrible news/opinion from former Bank Of Canada Governor https://www.msn.com/en-ca/money/topstories/higher-oil-and-gas-prices-may-be-permanent-former-bank-of-canada-governor/ar-AAYL0u5?ocid=msedgntp&cvid=c17a3192e27f4f51a204cc904192c13a The Canadian economy may need to find a way to permanently adjust to higher oil and gas prices even when the cost of other goods start to fall, according to a former Bank of Canada governor. In an interview Wednesday with CBC News Network's Power & Politics Stephen Poloz, who was the Bank of Canada governor from 2013 to 2020, said Canada's inflation rate may get back down to the official two per cent target in a year or two, but he struck a less optimistic note when it came to the higher cost of fuel. "We might have to pay more for oil and gas forever," Poloz told host Vassy Kapelos. "And if that's the case, that's not inflation. It's a higher price that we'll have to pay and we'll adjust to that higher price somehow in our economy." Earlier in the day Statistics Canada reported that Canada's inflation rate hit a nearly 40 year high of 7.7 per cent. While the average cost of food items went up 9.7 per cent over the past year, it's the higher cost of gas — up 48 per cent compared to a year ago — that's the single biggest factor affecting the inflation rate. | Poloz said the key question Canada's central bankers will examine in trying to manage inflation is how the high fuel prices end up affecting other parts of the economy. "That is the part that is subject to control, and that is the part the central banks will be responding to, not the energy costs themselves," he said. The bank has raised interest rates a number of times this year, citing inflation. The benchmark interest rate is currently 1.5 per cent. The United States Federal Reserve recently hiked its benchmark interest rate 75 bases points to 1.75 per cent, its single biggest hike in decades. Poloz said he expects the inflation rate to start ticking down in the latter half of the year, in part because of the Bank of Canada's tightening. It was a dusky morning, 1982....the then Premiere of Alberta approached the podium and suggested the eastern b*stards freeze in the dark. Backed by tens of millions in lobbying money from US and corporate oil interests that would doom a fledgeling program created to ensure Canada didn't get played by world oil markets and OPECs games it would play out over the next 11 years when the final piece of canadian owned oil and gas development, refinement and delivery would be sold to corporate interests thus ensuring Canada was beholden to the nation south of them that wanted to keep Canadian oil landlocked and existing in only one major market to protect their national interests and protect them from the same things the Candian energy program was created to avoid. 1 Link to comment Share on other sites More sharing options...
flanny Posted June 23, 2022 Share Posted June 23, 2022 11 hours ago, Warhippy said: ....nobody is saying it's "you" That's an incredibly myopic and very narrow view of things. I explained it but never mind, I'd just be repeating myself. Link to comment Share on other sites More sharing options...
Warhippy Posted June 23, 2022 Share Posted June 23, 2022 12 minutes ago, flanny said: I explained it but never mind, I'd just be repeating myself. No, you tried to justify it. Difference is stark. Link to comment Share on other sites More sharing options...
flanny Posted June 23, 2022 Share Posted June 23, 2022 16 minutes ago, Warhippy said: No, you tried to justify it. Difference is stark. There's nothing to justify, it's just the way the market works. Bidders compete with each other for the oil. The oil companies give it to the highest bidder. Sound good? Link to comment Share on other sites More sharing options...
Warhippy Posted June 23, 2022 Share Posted June 23, 2022 7 minutes ago, flanny said: There's nothing to justify, it's just the way the market works. Bidders compete with each other for the oil. The oil companies give it to the highest bidder. Sound good? Ya. Sure man. Whatever you say. The price at the pumps is totally justified right now and is not in any way shape or form profiteering and it's YOU as a shareholder specifically that is targeted when people are pissed off at the out of touch pricing and excuses for it. You poor thing. Carry on Link to comment Share on other sites More sharing options...
Boudrias Posted June 23, 2022 Share Posted June 23, 2022 11 hours ago, Warhippy said: Ya. Sure man. Whatever you say. The price at the pumps is totally justified right now and is not in any way shape or form profiteering and it's YOU as a shareholder specifically that is targeted when people are pissed off at the out of touch pricing and excuses for it. You poor thing. Carry on A tad condescending don’t you think? My understanding of the industry is that is built on contracts that guarantee production throughput and thereby reduces risk. For example in the USA fuel wholesalers and retailers contract for minimum/maximum draws form refiners. Penalties exist at either end of the contract. When I was involved years ago throughput volumes were estimated for the coming year. How aggressive refiners were on price depended on anticipated sales. I think you are oversimplifying the industry and assuming a lot by concluding how powerful the industry is. If it is as powerful as you suspect then what we’re they doing with all the power over the past 7 years? The industry is a shambles. No investment and large debt. Example is Surge Energy that was in default for at least 4 years. Many similar examples. Sure it looks very different today but that change has only existed for a year. 1 Link to comment Share on other sites More sharing options...
Warhippy Posted June 23, 2022 Share Posted June 23, 2022 1 hour ago, Boudrias said: A tad condescending don’t you think? My understanding of the industry is that is built on contracts that guarantee production throughput and thereby reduces risk. For example in the USA fuel wholesalers and retailers contract for minimum/maximum draws form refiners. Penalties exist at either end of the contract. When I was involved years ago throughput volumes were estimated for the coming year. How aggressive refiners were on price depended on anticipated sales. I think you are oversimplifying the industry and assuming a lot by concluding how powerful the industry is. If it is as powerful as you suspect then what we’re they doing with all the power over the past 7 years? The industry is a shambles. No investment and large debt. Example is Surge Energy that was in default for at least 4 years. Many similar examples. Sure it looks very different today but that change has only existed for a year. A tad? Only a tad? I'll try harder next time. Again, and I can not stress this hard enough. There is NO repeat NO justification for the prices at the pumps vs the prices per barrel or the cost of refining that doesn't indicate suggest or clearly show borderline profiteering. You won't convince me otherwise because the numbers do not line up. They do not agree and they do not show anything but that. 1 Link to comment Share on other sites More sharing options...
Ghostsof1915 Posted June 23, 2022 Share Posted June 23, 2022 On 6/14/2022 at 11:08 PM, nuckin_futz said: This reeks like Bre-X. Geologists, stay away from helicopters.... 1 Link to comment Share on other sites More sharing options...
Ghostsof1915 Posted June 23, 2022 Share Posted June 23, 2022 All those in favour of horse lanes, raise your hand! Pretty sure vet bills are way cheaper than gas and insurance. Link to comment Share on other sites More sharing options...
nuckin_futz Posted June 23, 2022 Share Posted June 23, 2022 24 minutes ago, Ghostsof1915 said: Geologists, stay away from helicopters.... 1 Link to comment Share on other sites More sharing options...
ronthecivil Posted June 23, 2022 Share Posted June 23, 2022 On 6/21/2022 at 9:28 AM, Warhippy said: Good example of how they are also job creators. A ban on single use plastics allows for an influx of carbon/green biodegradable bags. A company will be created to make the straws, a company and industry will be created to make those bags. A company and industry will be created to create the cellulosic material to create those bags. The thing is, for every reason that it's bad; there's a half dozen reason why it's good to better. the creation of green industry will in fact create far more jobs than it takes that will probably pay comparably to what big oil is paying. Solar, geothermal, wind turbine and ocean turbine as well as LNG job creation is set to vastly outpace the endless automation of oil and gas in the near future. This is just in the implementation phase. once the infrastructure starts being built it will be job creation on steroids much like it was during the advent of oil and gas exploration and petroleum refinement. On the flip side, we can see oil is dropping. Prices keep climbing though, so it is in fact a far greater indicator of outright greed that is not in keeping with current economic supply and trade. Light crude dropped $13.40 in 11 days and zero reduction at the pumps. It increases by $3 and prices jump. When people say you can not blame oil for being part of the inflation issue or suggest that it is not a big driver I have to shake my head. The clear and present willingness for oil and gas and corporations in general to continue to steam roll consumers with out of touch prices continues to be as great an inflationary driver as the printing of money. The average person does not feel the benefit of printed money, but they sure as hell feel the price at the pumps or when they buy peanut butter that has gotten smaller but increased in price Well cheaper oil can be had actually building some pipelines to the east so Canaada isn't as impacted by world markets. If you like the idea of owning the oil industry buy the stock. I actually own a company that makes paper straws and such but it's waaaaaaaaaaaay down as it's a growth stock. So I am not saying the ideas are bad (I actually benefit financially from them being put in) but they are still inflationary. 1 1 Link to comment Share on other sites More sharing options...
RUPERTKBD Posted June 23, 2022 Share Posted June 23, 2022 2 hours ago, Ghostsof1915 said: All those in favour of horse lanes, raise your hand! Pretty sure vet bills are way cheaper than gas and insurance. Really? Can you give me the name and number of your vet please? 1 1 1 Link to comment Share on other sites More sharing options...
RUPERTKBD Posted June 23, 2022 Share Posted June 23, 2022 5 minutes ago, ronthecivil said: Well cheaper oil can be had actually building some pipelines to the east so Canaada isn't as impacted by world markets. If you like the idea of owning the oil industry buy the stock. I actually own a company that makes paper straws and such but it's waaaaaaaaaaaay down as it's a growth stock. So I am not saying the ideas are bad (I actually benefit financially from them being put in) but they are still inflationary. Pretty sure that was already tried, but there was so much opposition they ended up scrapping the idea. 1 Link to comment Share on other sites More sharing options...
DrJockitch Posted June 23, 2022 Share Posted June 23, 2022 16 hours ago, flanny said: There's nothing to justify, it's just the way the market works. Bidders compete with each other for the oil. The oil companies give it to the highest bidder. Sound good? Well, that and the price fixing. If this was a free market there would be suppliers coming it at different costs. Link to comment Share on other sites More sharing options...
Warhippy Posted June 23, 2022 Share Posted June 23, 2022 31 minutes ago, ronthecivil said: Well cheaper oil can be had actually building some pipelines to the east so Canaada isn't as impacted by world markets. If you like the idea of owning the oil industry buy the stock. 99% sure that the suggestion of oil lines east was shot down in 1982-1984 I own a few oil/energy tags in my portfolio. I'm a realist. Link to comment Share on other sites More sharing options...
Elias Pettersson Posted June 23, 2022 Share Posted June 23, 2022 5 hours ago, Ghostsof1915 said: Geologists, stay away from helicopters.... Man you are so behind. I used that joke pages ago…. Link to comment Share on other sites More sharing options...
Elias Pettersson Posted June 23, 2022 Share Posted June 23, 2022 3 hours ago, RUPERTKBD said: Really? Can you give me the name and number of your vet please? Better Call Saul. He handles everything… 1 Link to comment Share on other sites More sharing options...
Heretic Posted June 24, 2022 Share Posted June 24, 2022 Canada has the highest inflation they have had since 1983. Guess who's father was the Prime Minister back then? Coincidence? Ha! Link to comment Share on other sites More sharing options...
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