Gas Prices plummeted.

[pnutts]

One thing to remember about cars sold in the world other than N.A. They get better fuel mileage than those sold in Canada & U.S.   A Prius sold in Canada can Not be taken to Japan - too inefficient. Just like many things sold in Canada compared to the U.S. -e.g. Wally-mart or Target   - most prices are 30% higher or more in Canada - even for items made in Canada.

Greed rules in Satan's World.

[rocket]

One thing to remember about cars sold in the world other than N.A. They get better fuel mileage than those sold in Canada & U.S.   A Prius sold in Canada can Not be taken to Japan - too inefficient. Just like many things sold in Canada compared to the U.S. -e.g. Wally-mart or Target   - most prices are 30% higher or more in Canada - even for items made in Canada.

Greed rules in Satan's World.

 

One exception to your statement is prescription drugs. The same drug is quite often much cheaper in Canada and enough people smuggle them across the border to make the US drug companies whine about it.

[pnutts]

I did say Most.    Over the counter meds are usually higher in Canada.

[Modeste]

This is one of those interesting paradoxes - isn't it.

 

As the US dollar - the oil reserve currency - gets stronger, oil prices usually go down - as the dollar is worth more it buys more - prices go down - in the US. But exports from the US to other countries then become more expensive - making the US export less and import more.

 

We are seeing the dollar getting stronger - which initially sounds good. But like everything in the crazy world - there is always a down side - http://www.cnbc.com/id/102043023  - but there are also matching upsides.

 

 

Interest rates typically go up - good for those saving and relying on that return - bad for ones trying to buy a house. Gold usually goes down - good for those buying bad for those who have invested in it.

 

What a crazy world we live in, eh?

 

The price of Oil at the pump has reduced because the price of a barrel has reduced, largely because consumption has gone down because of the depression. In other words consumers are not consuming and are tightening their pockets and spending less.

 

In addition Global Oil production has generally remained the same. The US Shale market has also added to the glut in fuel. All of which are driving prices down because of this over production, but primarily because of the Global Depression. 

 

The loose monetary policy in developed economy's which has artificially inflated markets, indices, stocks etc, in turn has given the illusion that the dollar has strengthed, and the US economy is on the road to recovery (neither of which is true..) But the dollars strength is entirely underpinned by all the cheap liquidity injected into the financial system from the Fed & Central Banks in order to stave off deflation since the last crash in 2008.

 

Despite the untold billions injected via QE, inflation is still rising, and the Central Planners in the US Fed despite all their macroeconomic -forward planning- alchemy unsurprisingly can't prevent deflation or the natural corrections that occur during normal functioning market conditions. In times like this (depression) you would logically expect Gold prices to rise off the back of so much monetary easing as its a traditional safe haven during currency debasement. But Gold has been manipulated the same as most conventional currency's. So pretty much every market indicator from a consumer point of view is complete nonsense. The entire economy is a sham. 

[Modeste]

Petrol and diesel prices are absolutely rubbish here in the UK. Has been for years. I would love it at the US prices or Australia prices but that is just wishfull thinking. We pay loads of Tax to our government through our petrol and diesel prices. http://www.telegraph.co.uk/news/uknews/road-and-rail-transport/10668970/British-fuel-tax-highest-in-Europe.html

Guess it depends on what your used to. We are used to getting rinsed at the pump here in the UK. The US government is kinder to the motorist over there it seems.

 

Considering the dollar is effectively backed by Oil that shouldn't be too much of a surprise    The US after all essentially controls the Global Oil markets via various means as the US economy is pegged to Saudi Oil. 

 

In the UK though the retailers make very little. It's the government that rakes in significant Oil revenue via taxation and duty which make up approximately 75% of the price of Fuel at the pump. I remember when Diesel used to be "Po mans fuel". That changed quite some years ago when people started making the switch to Diesel as it became more efficient to run. Soon as the Treasury realized the price went through the roof...

[RaymondG]

Here in my area 91 octane (equivalent to your 87 octane regular in the US) is around $AU1.35 per litre. The prices have just started to fall in mid-November.

You should bear in mind that most Australians, Brits and Canadians do understand the difference between litres, US gallons and Imperial gallons.

The exchange rate here is about $0.86 to the US dollar, so it's about $AU1.16 x 1.35 = $US1.57 per litre or $5.93 per US gallon. Add about $0.46c per gallon for premium, usually a bit more for diesel.

[trottigy]

http://www.washingtonpost.com/business/economy/2014/12/01/904984b2-7971-11e4-9a27-6fdbc612bff8_story.html

The result could be one of the biggest transfers of wealth in history, potentially reshaping everything from talks over Iran’s nuclear program to the Federal Reserve’s policies to further rejuvenate the U.S. economy.

The price of oil has declined about 40 percent since its peak in mid-June and plunged last week after the Organization of the Petroleum Exporting Countries voted to continue to pump at the same rate. That continued a trend driven by a weak global economy and expanding U.S. domestic energy supplies.

.....

The 40 percent drop in the price of the international benchmark Brent-grade crude oil over the past five months will reduce annual revenue to oil producers worldwide by a whopping $1.5 trillion.

“Those losses are staggering,” Edward Yardeni, president of Yardeni Research, wrote to investors Monday.

The losers include Russia, where the value of the ruble has been crumbling, inflation has crept up to more than an 8 percent rate and oil prices have done more to hurt the economy than Western sanctions.

In Iran, whose economy and government budget rely heavily on oil sales, low prices could intensify the effect of sanctions that have curbed the country’s oil exports in an effort to pressure the regime into reaching a diplomatic accord on its nuclear program.

In Venezuela, dwindling oil revenue has exacerbated an economic crisis that is also tied to fuel subsidies, price controls and generous social programs.

Edited December 2, 2014 by trottigy

[Greg Dent]

One light breeze and the whole house of cards will fall faster than a 1 ton block of lead falling into a lake. 

[Modeste]

One light breeze and the whole house of cards will fall faster than a 1 ton block of lead falling into a lake. 

Indeed. The entire global economy is balancing very precariously on the end of an abyss...

[pnutts]

 will fall faster than a 1 ton block of lead falling into a lake. 

Which falls faster, one ton of feathers or one ton of lead?

 

 

 

 

 

One ton of lead - smaller surface area so a lot less wind resistance. Weight wise they are the same. <'>

[Chijwas]

In a vacuum, they will drop at the same rate.........

Sent from my iPad using Tapatalk

[Chijwas]

In a vacuum, they will drop at the same rate.........

Sent from my iPad using Tapatalk

http://youtu.be/-cCt9JobjOg

http://youtu.be/-cCt9JobjOg

Sent from my iPad using Tapatalk

[ChocoBro]

Which falls faster, one ton of feathers or one ton of lead?

 

 

 

 

 

One ton of lead - smaller surface area so a lot less wind resistance. Weight wise they are the same. > <

 

Wrong! This depends!

 

If the feathers are tightly compacted into a well compressed ball, they will fall faster than a large sheet of lead formed into a ventilator blade (like the maple seed for example).

 

HA!

 

(of course, I'd like to see the aerodynamics on a one tonne maple-seed-shaped sheet of lead)

[Greg Dent]

We are actually under $1 a liter now. Still paying almost $4 a U.S. Gallon. Nice to fill up my ridgeline with only $60 to $70 a tank.  verses $90 to $100. 

 

News is all worried if the Government will be able to balance our countries budget next spring. The Government lost almost 1 Billion dollars out of its coffers since the oil dropped so far.  

[ava]

I paid 2.18 US Dollars the other day down here in TX.  Was pretty awesome.

[ChocoBro]

Well, gas prices here in Bavaria are now at EUR 1,38 which at the moment translates to USD 1,73 (per liter of 95 Super unleaded fuel)

 

They reached up to EUR 1,54 (USD 1,93) per liter only a few months back.

 

We have a sky-high tax on gas in Germany, but still the difference does show, once again, how much money we are paying each month on speculation.

 

Not to mention food speculation. I heard from one news report that roughly 20% of bread, rice and meat is pure speculation, meaning it's like a second tax that you pay, not to the government, but to the investment brokers and banks.

[ava]

1.99 ln Texas today

[Dustparticle]

1.99 ln Texas today

If gas prices are down, then food prices and other things will go down too. I hope.

[ava]

Well I bought some milk yesterday and it was down about 20 cents, not on sale either.  So yes, hopefully some food items will go down cause food the last few years has just been crazy the way the prices have gone up.

 

 

Gas by us was 1.99 all over the place today.  My husband and I were furniture shopping and just about every gas station we saw had the 1.99, a few were like 2.03.

Edited December 18, 2014 by ava

[pnutts]

Not to mention food speculation. I heard from one news report that roughly 20% of bread, rice and meat is pure speculation, meaning it's like a second tax that you pay, not to the government, but to the investment brokers and banks.

Our price for gas varies from city to city and even across the city and time of day ( check out gasbuddy  the com or app ) 91 cents per litre in London today  $1.04 in Strathroy.  $2.21 - $2.29 US gal in Port Huron, MI =72 cents Can per litre and gas was coming across the river from Sarnia, ON

Beef prices in Canada have shot thru the roof due to shortage in the US - ground beef $5 /lb and up - on sale. Pork and chicken similar.

Greed is the name of the game.

[Shawnster]

Top 15 Oil EXPORTING Countries

 

1.   Saudi Arabia

2.   Russia

3.   United Arab Emirates

4.   Kuwait

5.   Iraq

6.   Nigeria

7.   Qutar

8.   Iran

9.   Angola

10. Venezuela

11. Norway

12. Algeria

13. Canada

14. Kazakhstan

15. Libya

 

Top 15 Oil IMPORTING Countries

 

1.   United States

2.   China

3.   Japan

4.   India

5.   South Korea

6.   Germany

7.   France

8.   Spain

9.   Singapore

10. Italy

11. Netherlands

12. Taiwan

13. Thailand

14. Turkey

15. Indonesia

 

Where does the United States get most of it's oil?

 

Today, the U.S. actually gets most of its imported oil from Canada and Latin America.

And many Americans might be surprised to learn that the U.S. now imports roughly the same amount of oil from Africa as it does from the Persian Gulf. African imports were a bit higher in 2010, while Persian Gulf oil accounted for a bit more last year.

America is one of the world's largest oil producers, and close to 40 percent of U.S. oil needs are met at home. Most of the imports currently come from five countries: Canada, Saudi Arabia, Mexico, Venezuela and Nigeria.

[trottigy]

Yes, the countries "selling" oil are the ones hardest hit by the low prices.

 

The countries "buying" oil are doing the best.

 

The US is a "net importer" - they import more than they make or export, but that is close to changing. Probably before President Obama is out of office the US will be a "net exporter". 

[RaymondG]

I notice Australia is not on the list while tiny Singapore is...

Singapore imports oil and then refines it to on-sell to other countries, which makes these statistics a bit suspect. Australia buys a lot of pre-refined fuel from Singapore, our refineries have been (wastefully) closing down.

[Shawnster]

The UK isn't on the list, either.  

[ChocoBro]

The UK isn't on the list, either.  

 

Maybe they're mostly autonomous in that sense. As far as I know Britain has a lot of offshore oil platforms in the North Sea.