Nissan 370Z Forum  

How is the Price of Oil going to Affect you?

OPEC decides to keep its production ceiling unchanged despite crude glut, price plunge | CTV News With oil going down below $70 a barrel things might start changing faster than

Go Back   Nissan 370Z Forum > General > The Lounge (Off Topic)

Like Tree12Likes
  • 1 Post By Mitco39
  • 3 Post By wheee!
  • 4 Post By wheee!
  • 1 Post By Mitco39
  • 1 Post By wheee!
  • 1 Post By mishuko
  • 1 Post By Tadpole

Reply
 
LinkBack Thread Tools Display Modes
Old 11-27-2014, 02:14 PM   #1 (permalink)
A True Z Fanatic
 
Mitco39's Avatar
 
Join Date: Aug 2012
Location: Edmonton Alberta Canada
Posts: 2,089
Drives: 40th 370z
Rep Power: 127
Mitco39 has a reputation beyond reputeMitco39 has a reputation beyond reputeMitco39 has a reputation beyond reputeMitco39 has a reputation beyond reputeMitco39 has a reputation beyond reputeMitco39 has a reputation beyond reputeMitco39 has a reputation beyond reputeMitco39 has a reputation beyond reputeMitco39 has a reputation beyond reputeMitco39 has a reputation beyond reputeMitco39 has a reputation beyond repute
Default How is the Price of Oil going to Affect you?

OPEC decides to keep its production ceiling unchanged despite crude glut, price plunge | CTV News

With oil going down below $70 a barrel things might start changing faster than you think. What I don't get is how the price at the pumps remains virtually unchanged?

Working full time with the Oil and Gas industry I am cautiously watching this playout. I know many of you probably also rely on the industry to support yourselves. Not to mention the tax income that our governments squander away year after year.
wheee! likes this.
__________________
2007 Chevy Duramax - EFILive Tuned By Me
2010 40th W/ Nav - Boosted Performance - UpRev Tuned By Me
The Mrs. Ride -2012 335XI N55 BMW - Cobb Tuned By Me, Built by her
My Build --> http://www.the370z.com/members-370z-...39s-build.html
Mitco39 is offline   Reply With Quote
Old 11-27-2014, 02:19 PM   #2 (permalink)
Track Member
 
OldFart's Avatar
 
Join Date: May 2013
Location: Carlisle, PA
Age: 56
Posts: 682
Drives: 2011 Wannabe Nismo
Rep Power: 955
OldFart has a reputation beyond reputeOldFart has a reputation beyond reputeOldFart has a reputation beyond reputeOldFart has a reputation beyond reputeOldFart has a reputation beyond reputeOldFart has a reputation beyond reputeOldFart has a reputation beyond reputeOldFart has a reputation beyond reputeOldFart has a reputation beyond reputeOldFart has a reputation beyond reputeOldFart has a reputation beyond repute
Default

Didn't I read somewhere where although good at the pump, it's actually bad for increase in exploration and new production?
OldFart is offline   Reply With Quote
Old 11-27-2014, 02:27 PM   #3 (permalink)
A True Z Fanatic
 
mishuko's Avatar
 
Join Date: Jul 2014
Location: bouncin on tigga
Posts: 8,062
Drives: '12 Z
Rep Power: 9430
mishuko has a reputation beyond reputemishuko has a reputation beyond reputemishuko has a reputation beyond reputemishuko has a reputation beyond reputemishuko has a reputation beyond reputemishuko has a reputation beyond reputemishuko has a reputation beyond reputemishuko has a reputation beyond reputemishuko has a reputation beyond reputemishuko has a reputation beyond reputemishuko has a reputation beyond repute
Default

Quote:
Originally Posted by Mitco39 View Post
OPEC decides to keep its production ceiling unchanged despite crude glut, price plunge | CTV News

With oil going down below $70 a barrel things might start changing faster than you think. What I don't get is how the price at the pumps remains virtually unchanged?

Working full time with the Oil and Gas industry I am cautiously watching this playout. I know many of you probably also rely on the industry to support yourselves. Not to mention the tax income that our governments squander away year after year.
i have been following oil since the summer and it has been tanking drastically since september. aprox 30% loss in value.

for implications of this? well from my understanding the cdn oilsands are profitable around 75-85/barrel. the 75 mark is probably for the larger / efficient firms. immediate effect may not have much implications but look to the bottom lines. if prices stay this low for a substantial amount of times (several quarters) it will cause the profits to be eroded which may ultimately cause the lesser firms to close up shop.

whats the implications for us in canada? well there are many on both ends... lower oil prices = cheaper energy = more manufactures but low oil = tar sands no money = lots of rippling throughout the economy.

in alberta where people started getting smug about being the 'have' province (not too long ago they were have-nots) subsidizing other provinces this could take a drastic turn for the worst. so what happens when lay-offs happen due to production cuts? those LOC's , mortgages, car loans, and debt start to look a lot more daunting without that fat income. something to the magnitutde of avg cdn has 160% debt to income.

good luck though... even if oil goes bust doesn't mean the entire economy would go bust. i can't say the same for the tar sands in particular because they are a 1 trick pony. this sort of reinforces the term 'diversity' and 'dont keep all your eggs in one basket' type mantra.
mishuko is offline   Reply With Quote
Old 11-27-2014, 02:42 PM   #4 (permalink)
Life is good, enjoy it!
 
wheee!'s Avatar
 
Join Date: Sep 2009
Location: Mod Capital of Canada
Age: 53
Posts: 7,347
Drives: cars. lots of cars.
Rep Power: 33146
wheee! has a reputation beyond reputewheee! has a reputation beyond reputewheee! has a reputation beyond reputewheee! has a reputation beyond reputewheee! has a reputation beyond reputewheee! has a reputation beyond reputewheee! has a reputation beyond reputewheee! has a reputation beyond reputewheee! has a reputation beyond reputewheee! has a reputation beyond reputewheee! has a reputation beyond repute
Default

I remember the bumper stickers in Alberta in the 80's...

"Please Lord, give us another oil boom. I promise not to piss it away like the last one!"
GaleForce, Mitco39 and mishuko like this.
__________________

H&R / Stillen / Berk / HKS / Swift / Michelin / UpRev / SPC / Amuse Rep / Seibon / Fringe XVO / TWM / more...
My Journal
wheee! is offline   Reply With Quote
Old 11-27-2014, 02:46 PM   #5 (permalink)
Life is good, enjoy it!
 
wheee!'s Avatar
 
Join Date: Sep 2009
Location: Mod Capital of Canada
Age: 53
Posts: 7,347
Drives: cars. lots of cars.
Rep Power: 33146
wheee! has a reputation beyond reputewheee! has a reputation beyond reputewheee! has a reputation beyond reputewheee! has a reputation beyond reputewheee! has a reputation beyond reputewheee! has a reputation beyond reputewheee! has a reputation beyond reputewheee! has a reputation beyond reputewheee! has a reputation beyond reputewheee! has a reputation beyond reputewheee! has a reputation beyond repute
Default

The sad truth is, so many young men work in the oil patch assuming that the money will never run out. They spend everything they make plus more. Buy a $80,000 truck, $500,000 house then run up all their credit cards because, "Hey, what the heck! I make $150,000 a year! I'm rich!".

All it takes is two to four weeks of no income for them to be financially ruined. So little common sense these days. No one puts money away for the rainy days. No one wants to live within their means. They want everything now and can't wait to save up and pay cash for their toys and vacations etc. It's a cultural phenomenom that seems to have corrupted the young people of today.
__________________

H&R / Stillen / Berk / HKS / Swift / Michelin / UpRev / SPC / Amuse Rep / Seibon / Fringe XVO / TWM / more...
My Journal

Last edited by wheee!; 11-27-2014 at 03:06 PM.
wheee! is offline   Reply With Quote
Old 11-27-2014, 03:06 PM   #6 (permalink)
A True Z Fanatic
 
Mitco39's Avatar
 
Join Date: Aug 2012
Location: Edmonton Alberta Canada
Posts: 2,089
Drives: 40th 370z
Rep Power: 127
Mitco39 has a reputation beyond reputeMitco39 has a reputation beyond reputeMitco39 has a reputation beyond reputeMitco39 has a reputation beyond reputeMitco39 has a reputation beyond reputeMitco39 has a reputation beyond reputeMitco39 has a reputation beyond reputeMitco39 has a reputation beyond reputeMitco39 has a reputation beyond reputeMitco39 has a reputation beyond reputeMitco39 has a reputation beyond repute
Default

Yeah I agree with all you guys. With a very expensive purchase coming up for us here shortly I hope things stay status quo or close to. Its all about keeping overhead and debt low to help ride out the bumps.

Mark I know of many rig guys who have a hard enough time saving for a planned breakup season let alone for a layoff.

Im glad the Z is paid off let me tell you that. haha.
wheee! likes this.
__________________
2007 Chevy Duramax - EFILive Tuned By Me
2010 40th W/ Nav - Boosted Performance - UpRev Tuned By Me
The Mrs. Ride -2012 335XI N55 BMW - Cobb Tuned By Me, Built by her
My Build --> http://www.the370z.com/members-370z-...39s-build.html
Mitco39 is offline   Reply With Quote
Old 11-27-2014, 03:08 PM   #7 (permalink)
Life is good, enjoy it!
 
wheee!'s Avatar
 
Join Date: Sep 2009
Location: Mod Capital of Canada
Age: 53
Posts: 7,347
Drives: cars. lots of cars.
Rep Power: 33146
wheee! has a reputation beyond reputewheee! has a reputation beyond reputewheee! has a reputation beyond reputewheee! has a reputation beyond reputewheee! has a reputation beyond reputewheee! has a reputation beyond reputewheee! has a reputation beyond reputewheee! has a reputation beyond reputewheee! has a reputation beyond reputewheee! has a reputation beyond reputewheee! has a reputation beyond repute
Default

That's why the banks now make you qualify for a 5% mortgage rate even if the rate is less than 3%.... All it takes is a minor fluctuation in Prime to make people unable to pay their mortgages.

Too many people living wayyyy beyond their means.

PS: Congrats on paying off the Z Mitch!
Mitco39 likes this.
__________________

H&R / Stillen / Berk / HKS / Swift / Michelin / UpRev / SPC / Amuse Rep / Seibon / Fringe XVO / TWM / more...
My Journal
wheee! is offline   Reply With Quote
Old 11-27-2014, 03:21 PM   #8 (permalink)
A True Z Fanatic
 
JC-Nismo's Avatar
 
Join Date: Sep 2014
Location: Atlanta
Posts: 1,244
Drives: 2011 Nismo 370z
Rep Power: 8
JC-Nismo has a spectacular aura aboutJC-Nismo has a spectacular aura about
Default

Great for me and glad I don't have to take out a loan to fill my cars up. The reason I stop driving my SRT8 and bought a SmartCar so the hell with oil company's and there executives!!!
JC-Nismo is offline   Reply With Quote
Old 11-27-2014, 03:21 PM   #9 (permalink)
A True Z Fanatic
 
mishuko's Avatar
 
Join Date: Jul 2014
Location: bouncin on tigga
Posts: 8,062
Drives: '12 Z
Rep Power: 9430
mishuko has a reputation beyond reputemishuko has a reputation beyond reputemishuko has a reputation beyond reputemishuko has a reputation beyond reputemishuko has a reputation beyond reputemishuko has a reputation beyond reputemishuko has a reputation beyond reputemishuko has a reputation beyond reputemishuko has a reputation beyond reputemishuko has a reputation beyond reputemishuko has a reputation beyond repute
Default

Quote:
Originally Posted by wheee! View Post
The sad truth is, so many young men work in the pil patch assuming that the money will never run out. They spend everything the make plus more. Buy a $80,000 truck, $500,000 house then run up all their credit cards because, "Hey, what the heck! I make $150,000 a year! I'm rich!".

All it takes is two to four weeks of no income for them to be financially ruined. So little common sense these days. No one puts money away for the rainy days. No one wants to live within their means. They want everything now and can't wait to save up and pay cash for their toys and vacations etc. It's a cultural phenomenom that seems to have corrupted the young people of today.
more like consumerism which is being compounded by external factors. look at the media pushing 'house ownership'.

i agree housing is important but it's not an ends to your means. no one wants to save and i read in one of those little tid-bids in the elevator tv that canadians spend the same amount planning as they do researching vacations each week... 2 hours. which tells me that 'canadians' on average look for instant gratification...

i guess i'm skewing the lot as i spend average of no vacation planning and 4-5 hours looking at my investments or planning out my next strategy
wheee! likes this.
mishuko is offline   Reply With Quote
Old 11-27-2014, 03:24 PM   #10 (permalink)
A True Z Fanatic
 
mishuko's Avatar
 
Join Date: Jul 2014
Location: bouncin on tigga
Posts: 8,062
Drives: '12 Z
Rep Power: 9430
mishuko has a reputation beyond reputemishuko has a reputation beyond reputemishuko has a reputation beyond reputemishuko has a reputation beyond reputemishuko has a reputation beyond reputemishuko has a reputation beyond reputemishuko has a reputation beyond reputemishuko has a reputation beyond reputemishuko has a reputation beyond reputemishuko has a reputation beyond reputemishuko has a reputation beyond repute
Default

Quote:
Originally Posted by wheee! View Post
That's why the banks now make you qualify for a 5% mortgage rate even if the rate is less than 3%.... All it takes is a minor fluctuation in Prime to make people unable to pay their mortgages.

Too many people living wayyyy beyond their means.

PS: Congrats on paying off the Z Mitch!
let me clarify this for you as you seem to misunderstand how rates work.

variable rates are based on the prime + x

fixed are based on 5 year GOC bonds (sorry edit had it reversed)

any rate change will not affect anyone locked in during their fixed period however upon renewal thats where disaster strikes. As for the variables if prime/overnight rate does go up they will immediately be impacted.


banks are getting you to qualify for a 5% rate because they know the chances of rates going up in 2015 are more probable than staying the same or going down.

but i agree... living outside your means = set up for disaster!

(I do work at headoffice for a big red bank in the securities industry)
mishuko is offline   Reply With Quote
Old 11-27-2014, 07:11 PM   #11 (permalink)
Life is good, enjoy it!
 
wheee!'s Avatar
 
Join Date: Sep 2009
Location: Mod Capital of Canada
Age: 53
Posts: 7,347
Drives: cars. lots of cars.
Rep Power: 33146
wheee! has a reputation beyond reputewheee! has a reputation beyond reputewheee! has a reputation beyond reputewheee! has a reputation beyond reputewheee! has a reputation beyond reputewheee! has a reputation beyond reputewheee! has a reputation beyond reputewheee! has a reputation beyond reputewheee! has a reputation beyond reputewheee! has a reputation beyond reputewheee! has a reputation beyond repute
Default

No issue understanding how rates work. I assumed a variable mortgage as locked in rates are not the best value these days. I have had mortgages for over 30 years and paid most of them off before selling and moving on...
__________________

H&R / Stillen / Berk / HKS / Swift / Michelin / UpRev / SPC / Amuse Rep / Seibon / Fringe XVO / TWM / more...
My Journal
wheee! is offline   Reply With Quote
Old 11-27-2014, 11:48 PM   #12 (permalink)
A True Z Fanatic
 
Tadpole's Avatar
 
Join Date: Sep 2013
Location: Lockhart, TX
Posts: 1,082
Drives: 13 Nissan 370Z A7
Rep Power: 13
Tadpole has a reputation beyond reputeTadpole has a reputation beyond reputeTadpole has a reputation beyond reputeTadpole has a reputation beyond reputeTadpole has a reputation beyond reputeTadpole has a reputation beyond reputeTadpole has a reputation beyond reputeTadpole has a reputation beyond reputeTadpole has a reputation beyond reputeTadpole has a reputation beyond reputeTadpole has a reputation beyond repute
Default

To get back on topic. It was pure speculation with no regulation that drove up the price of oil. I by no means have any empathy at all with the lower price of fuel as in all reality should be at the 2 dollar mark. With economic turmoil and everything else with raised prices such as food and other commodities it will make subtle differences now at an economic point. Also, we the people know it's just a matter of time before the next best excuse is made to raise fuel prices again.
Mitco39 likes this.
__________________
Takeda TR3009P Short Ram Intakes, Custom Dual Exhaust, X-Piped with 18" Resonators & TopSpeed Axle Backs. EVO-R Led Third Foglight,
Tadpole is offline   Reply With Quote
Old 11-28-2014, 03:03 PM   #13 (permalink)
Enthusiast Member
 
Join Date: Nov 2012
Location: So Cal
Posts: 296
Drives: 09 370Z
Rep Power: 8
edk370 is a splendid one to beholdedk370 is a splendid one to beholdedk370 is a splendid one to beholdedk370 is a splendid one to beholdedk370 is a splendid one to beholdedk370 is a splendid one to behold
Default

My next vehicle will either be an EV or hybrid. I do not believe in getting an ICE powered car anymore. The technology's there and the world is changing. I don't know enough about hydrogen powered technology, but I heard it's potentially dangerous because it's flammable.
edk370 is offline   Reply With Quote
Old 11-28-2014, 04:08 PM   #14 (permalink)
A True Z Fanatic
 
Mitco39's Avatar
 
Join Date: Aug 2012
Location: Edmonton Alberta Canada
Posts: 2,089
Drives: 40th 370z
Rep Power: 127
Mitco39 has a reputation beyond reputeMitco39 has a reputation beyond reputeMitco39 has a reputation beyond reputeMitco39 has a reputation beyond reputeMitco39 has a reputation beyond reputeMitco39 has a reputation beyond reputeMitco39 has a reputation beyond reputeMitco39 has a reputation beyond reputeMitco39 has a reputation beyond reputeMitco39 has a reputation beyond reputeMitco39 has a reputation beyond repute
Default

I dunno, I think ill always be a gas smelling horsepower kinda guy. Something about the whine of an electric engine just doesn't do it for me.
__________________
2007 Chevy Duramax - EFILive Tuned By Me
2010 40th W/ Nav - Boosted Performance - UpRev Tuned By Me
The Mrs. Ride -2012 335XI N55 BMW - Cobb Tuned By Me, Built by her
My Build --> http://www.the370z.com/members-370z-...39s-build.html
Mitco39 is offline   Reply With Quote
Reply

Bookmarks

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On


Similar Threads
Thread Thread Starter Forum Replies Last Post
How much does seasonality affect price/value ckrider Nissan 370Z Pricing / Ordering Discussions 6 01-22-2014 07:37 PM
New tires affect clutch? Troyz Wheels & Tires 16 07-24-2013 04:30 PM
2 bad oxygen sensors affect performance? TPrelude-370z Intake/Exhaust 9 09-14-2011 11:40 PM
Do spacers alone affect cambre? Brutal 370Z Exterior & Interior 23 07-18-2011 10:45 AM
will tpms malfunction affect tcs? Pharmacist Nissan 370Z General Discussions 7 10-22-2009 10:03 AM


All times are GMT -5. The time now is 08:33 AM.


Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2019, Jelsoft Enterprises Ltd.
Search Engine Optimization by vBSEO 3.6.0 PL2