Canada to release additional 140K barrels of oil per day starting in Aprilhttps://globalnews.ca/news/11731814/canada-oil-production-increase/

[snowyca@social.vivaldi.net]

@gemlog why not?@dyckron

[gemlog@tilde.zone]

@SnowyCA
Because hundreds of millions of barrels have already been released from stocks and it made no difference.

@dyckron

[snowyca@social.vivaldi.net]

@gemlog The environment might disagree.
@dyckron

[gemlog@tilde.zone]

@SnowyCA
I was speaking to the price of oil and the easing by releasing stocks - which has not worked.
Re the environment - yeah! Shutting down production in the gulf and raising the price of petrol globally is wonderful! Of course!
Do you not know me by now?
@dyckron

[snowyca@social.vivaldi.net]

@gemlog I felt compelled to check....🤭

@dyckron

[gemlog@tilde.zone]

@SnowyCA
I guess maybe we haven't been talking for all that long really. Fair.
You may keep checking on me.
And, come to think of it, what if it was something that I hadn't thought to check myself?
What if, I had some unexamined opinion from my youth that I was harbouring that I was unwittingly still promoting out of ignorance?
What if that?
So. You, snowy, do keep checking on me please, because I need you to do that. Thank you.
@dyckron

[snowyca@social.vivaldi.net]

@gemlog
I'm Not here to correct you.
'Checking" = "Wait a second, I thought that person's opinion was ______ but now has it changed? I need to check in and ask"

@dyckron

[gemlog@tilde.zone]

@SnowyCA
It's all good. Serves the same purpose.
@dyckron

[pinhman@mstdn.ca]

@dyckron Hmm A barrel is ~ 158 L. Break even costs for Canadian producers is between $40 and $45 per barrel.

45/158 is .285

I don’t think we’ll see gas at 28 cents a litre, or even a $1 a litre.

The big unanswered question for Canadian politicians is why?

Our oil is used to enrich speculators …

reuters.com

(www.reuters.com)

[ve2uwy@mastodon.radio]

@pinhman @dyckron

Well, no 1 bbl oil != 1 bbl gasoline. More like 1/2 bbl or 80 L ends up in your tank And you gotta work at it to get usable gasoline (and Diesel and lubricants and …).

[pinhman@mstdn.ca]

@VE2UWY @dyckron Yes I know there are refinery costs & inefficiencies.

I'm trying to make the point that the price of oil offered to end consumers is tied to speculation, not production costs.

this is never spoken of in the news, like it is some unfathamable problem.

[samloonie@mstdn.ca]

@pinhman @dyckron I think that number is the wellhead price, before shipping to a refinery and being broken up into fractions like gasoline, kerosene, bunker C and so on.
You'd have to multiply your 28¢ by the number of unrefined litres that need to be processed to get a litre of gasoline.