>>>>The oil price war is a worldwide effort to take Russia down.<<<
and it's working. At least here in Canuckistan. Canadian dollar lost more than 20% last year, at current prices exploitation of oil is not profitable any longer (losses in Alberta estimated to over $200B so far) and the entire economy is in doldrums.
In the meantime, Ruskies buying cheap gold and trading with India and China in local currencies, bypassing Dollar.
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and it's working. At least here in Canuckistan. Canadian dollar lost more than 20% last year, at current prices exploitation of oil is not profitable any longer (losses in Alberta estimated to over $200B so far) and the entire economy is in doldrums.
In the meantime, Ruskies buying cheap gold and trading with India and China in local currencies, bypassing Dollar."
The Russian government is much more dependent on oil revenues than the Canadian government.
According to the EIA, the world production-consumption spread will be much narrower at the end of the first quarter (see graph). Russian Deputy Energy Minister recently said, "I will tell you when Russian companies are for sure going to decrease production--when oil costs $0." Brilliant. Heh. The Saudis are making similar claims against the Russians.
http://www.eia.gov/forecasts/steo/report/global_oil.cfm
If it narrows that much, they won't know whether or not production will stay ahead of consumption (panic, run for your lives).
It's up to the Alberta NDP and Ottawa Liberals, as to whether they want to starve while trying to do unnecessary services that we Americans won't be able to afford, or to prosper while harvesting and developing commodities.
There will be hundreds of millions of new drivers in developing countries before long. Don't meet the surprise unprepared, "stalwart sons" and "gentle maidens" of the "true north" ("Oh, Canada," snag that market share). ;-)