Hi to all,
Here’s what I have
for this Thursday’s price changes:
*Heating and stove
oil show no changes this week.
*Diesel fuel shows
an increase of 3/10ths of a cent a litre, and...
*Gasoline shows a
drop of one cent a litre.
Market highlights
OPEC and OPEC+
meetings
OPEC and non-OPEC
countries who agreed to production cuts several months ago met again this past
week and agreed to -nothing.
No decision on whether to increase output in the face of the covid-induced
world economic slowdown was reached in two days of talks.
OPEC+ members are afraid that any cut to production would hinder any economic
recovery, while any addition to production would hurt oil prices in the face of
world oil demand and consumption, hurting the various countries treasuries who
have become heavily dependent on oil revenues.
Saudi Arabia seems to be the most dependent on them , with the Saudi’s wishing
for anything $50 US a barrel and better.
The
country was said to be over $29 billion in debt during the second quarter of
2020 alone because of low oil.
Twenty years ago
this winter...
Go back to the
fall/winter of 2000-01 and you may very well find the root of oil’s problems
today.
That fall and winter was the heaviest in recent memory, but was also marked by
skyrocketing energy prices worldwide that saw countries, particularly in
Europe, answering the call from their residents to address higher energy costs
that put a lot of people on the border of energy starvation.
In Canada, it was marked by a truckers strike because of high diesel prices,
fuel surcharges and the start of energy rebate programs both federally and
provincially.
Government’s
of the day sought to change it up and look for other sources of energy so they
wouldn’t be so oil dependent, and the subsidization of alternate forms of
energy research has gained speed ever since, to the point there may be no
turning back, with carbon emission agreements now in place worldwide.
My, how the world has changed...and in quick order!
Remember this word:
Perovskite
It may very well be
the next biggest alternative energy breakthrough, but the use of the mineral in
the manufacture of solar panels may well prove to increase the performance of
solar panels. That’s important because the performance brings down the costs of
the energy produced by the panels.
According to the US National Renewable Energy Laboratory, perovskite solar
panels are 66 percent efficient, well up as compared to older panels running at
25 percent efficiency.
Some are calling it a game-changer that may very well soon take out coal as an
energy source.
Perovskite was first discovered in the Ural Mountains of Russia in the mid
1830’s.
US EIA inventory
data
Latest inventory
results are in, and oil supplies have dropped again, this time by 3.8 million
barrels.
Gasoline also dropped by 1.6 million, while distillates were also down by 7.2
million barrels.
US domestic production also went lower as producers still haven’t turned on the
spigots after Hurricane Delta blew through the Gulf of Mexico.
That’s it for this
week!
Regards to all!
George Murphy
Twitter
@GeorgeMurphyOil
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