Low oil prices today may be setting the world up for an oil shortage as early as 2016. Today we have just 2% more crude oil supply than demand and the price of gasoline is under $2.00/gallon in Texas. If oil supply falls too far, we could see gasoline prices doubling within 18 months. For a commodity as critical to our standard of living as oil is, it only takes a small shortage to drive up the price.
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As the year winds down, Mayor Craig Snodgrass said he is looking forward to his Christmas break, eager to spend time with his wife and new baby boy, Oren Robert Snodgrass, born Dec. 15.
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Calgary’s luxury home sector continued to soar in December, setting another record in the resale MLS market, despite the recent collapse in energy prices.
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Low vacancy rates, high absorption rates in the resale condo sectors and dwindling supply in the single-family market vaulted secondary suites into the spotlight in 2014.
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One year ago, Jim Prentice was a vice-chair and executive vice-president of CIBC.
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A few weeks ago I offered some calculations suggesting that lower demand for oil might account for about $20/barrel of the dramatic decline in the price of oil since last summer. Here I point to some other evidence consistent with that conclusion.
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The nearly 50 percent plunge in the price of oil during the past six months is expected to leave oil-rich Saudi Arabia with its first budget deficit since 2011 and the largest in its history.
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The downtown Calgary office space market ended 2014 on a down note posting negative demand across all property classes and it will be facing some very strong headwinds in the coming months due to depressed oil prices, says a new report by Colliers International.
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The number of US oil rigs in operation keeps tumbling.
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This will be an unhappy new year for Vernon, a small town in the state of Vermont. It is losing its economic mainstay. The owner of its proud, midsized nuclear plant, which has sustained the community for 42 years, Entergy, is closing the plant. Next year the only people working at the plant will be those shuttering it, taking out its fuel, securing it and beginning the process of turning it into a kind of tomb, a burial place for the hopes of a small town.
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