2164 replies to this topic

[Bernard]

The BP blowout is very small in the overall global oil picture. Global production is about 85,000,000 barrels a day, this spill is between 2,000,000 and 2,500,000, about 40 minutes of global oil production. It is less than 16 hours of Canadian oil production.

The daily gross revenue of oil production is in the range of $6 billion dollars. One week of global oil revenues is $35 billion, the highest estimate of total costs of the oil spill is $30 billion. The drop in BP share price means the value of the company dropped by twice that.

The global oil business is huge and the relative impacts of this oil spill are still puny when compared to the industry.

I doubt this will have much of an impact on gas prices in any way.

[Mike K.]

Gas is $103.4 at Costco.

[jklymak]

The global oil business is huge and the relative impacts of this oil spill are still puny when compared to the industry.

I doubt this will have much of an impact on gas prices in any way.

Offshore drilling is not puny, and its going to get hit hard.

[Bernard]

Offshore drilling is not puny, and its going to get hit hard.

Existing offshore oil drilling is not going to stop. New projects in 1st world countries are likely to reduced or stopped. In the majority of the world this is not going to happen as a country like China or Russia or Burma or numerous others could care less about the environment.

If there is a private sector slow down in offshore oil projects, that money will flow to the tar sands. There is a lot of money being invested in oil projects every year and that money will seek other projects if it is being used to deep sea offshore oil projects.

The BP spill will likely mean three or four stalled tar sands projects will go ahead sooner rather than later.

Back to this oil spill, it is not big enough on any cost level to have an impact on the global oil industry.

[Bingo]

Offshore drilling is not puny, and its going to get hit hard.

BP's shares ended nearly 10% lower on Monday -- the 56th day of the oil spill -- as the oil giant geared up for another brutal week in the Gulf and on Capitol Hill.

http://money.cnn.com...nn=yes&hpt=Sbin

[Koru]

Gas is $103.4 at Costco.

just as a point of interest, thats a full 10 cents cheaper than any fuel on the lower mainland...

[Mike K.]

As I'm sure many of you have already realized, fuel has slipped to $109.9 from $1.12.

Costco's prices were $102.9 yesterday, but they fluctuate on a daily basis.

Last winter we dropped to an average of $0.98.

[Mike K.]

Prices have begun to rise to $1.149.

And here I thought we had a strong dollar!

[sebberry]

Prices have begun to rise to $1.149.

And here I thought we had a strong dollar!

I was about to fill up the day before it went up but thought I'd just go a few more days...

I wish mine was only $1.149

[Bingo]

Gas is at 112.9 in Victoria.

If the CRD uses gas tax money to help the city pay for a new bridge, how much will the price of gas go up?

[Mike K.]

It''ll likely be a penny or two cents if gas tax is the option they choose (if they even back the project). The CRD's backing of the project is not a done deal until monies are on the table.

Of course should the CRD provide money from an increased gas tax City of Victoria tax payers will be paying even more for the bridge.

[Hotel Mike]

It''ll likely be a penny or two cents if gas tax is the option they choose (if they even back the project). The CRD's backing of the project is not a done deal until monies are on the table.

Of course should the CRD provide money from an increased gas tax City of Victoria tax payers will be paying even more for the bridge.

Mike, and Bingo. Give your heads a shake. When the unanimous CRD backing of the City's application for the federal gas tax fund, comes into effect next year, the money will be distributed from the gas tax already being collected. There would no tax added due to the funding going to the bridge.

Besides neither the City of Victoria nor the CRD has the authority to levy such an increase in taxes, unlike Translink on the Lower Mainland.

Yet another scare tactic to make people doubt the new bridge project. There's always a "truthiness" in these ill thought out stories, and before you know it, Focus has published an article on our gas going up because of the bridge, and people will get their knickers all in a knot.

[Mike K.]

No scare tactics, Mike, we are conversing. Thank you for contributing your thoughts on the matter.

To clarify, the CRD's endorsement of monies does not equate to anything coming into effect next year -- or any confirmed date. Right now all we have from the CRD is an endorsement, not an absolute guarantee of a single penny from the gas tax.

Realistically speaking the CRD's endorsement, if passed, for some $23-million to construct the rail portion of the bridge (it should be noted that the CRD will help with the rail portion and trail, not the vehicle span) will take money from other infrastructure needs dependent in part on the gas tax (for this reason the CRD's staff have opposed the endorsement). It would be naive to think that the CRD would not seek additional gas tax revenues or seek alternative funding (taxation on some level) to make up for the expenditure to fund a new rail span, hence the notion that Victoria residents would be taxed even more for the bridge.

[Bingo]

Gas in Victoria is 116.9.

[Rob Randall]

^Don't I know it. The car is in the shop so we are borrowing a 7.3 litre diesel pickup. It is guzzling gas fast. Diesel is now the same price as regular. It used to be a few cents cheaper.

[Mike K.]

7.3!!??? Good God, man, you could pull a BC Ferry with that thing.

After I replaced my Jeep with a little tiny thing I must have saved about a $1,000 in gas since the summer (no jokes, it'd cost me $80-$90 every time I touched a gas station). With 40 liters of gas the thing goes for 600km in the city and well in excess of 700 on the highway. The Jeep maxed out at 360km in the city with 80 liters of gas and a scratch over 500km if cruising on the highway.

[Mike K.]

I'm sure most drivers out there have noticed that 87 octane has increased to 123.4 across the CRD.

[Mike K.]

Gas prices in Victoria heading for record highs
By Mike Kozakowski, VibrantVictoria.ca
http://vibrantvictor...r-record-highs/

Drivers in Victoria would be wise brace for record gasoline prices in 2011 as an unstable middle east and north Africa add pressure to already stressed global oil supplies.

An idea of what to expect in Victoria come summer is in the run-up to June and July 2008’s record-obliterating $1.53 per liter of gasoline. In March of that year prices at the pump were hovering slightly lower than $1.20 per liter, according to historical data supplied by the gasoline price tracking website GasBuddy.com.

Read more.

[YOYO]

If it wasn't for the government subsidizing oil prices and the American government in the late 90's shutting down GM's electric car we would not be in this mess. This is a perfect example of what happens when government and big business come together and it's called corporate fascism.

Watch the doc. "Who killed the electric car" for more info

[Mike K.]

This thread will be rebranded to include discussions on utility prices along with gasoline prices.