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Right now the price of oil and gas, energy generally really is going through the roof and taking most other things with it. Headlines scream of $200 for a barrel of oil and I’ve no doubt that speculators are making a killing and windfall profits are falling into corporate and government coffers. Make hay while the sun shines is an old saying and a wise one for the sun, figuratively speaking, does not shine and it wasn’t so long ago that the price of oil was less than nothing.
U.S. President Joe Biden has already gone on the record warned that gouging and speculating will not be tolerated and I’ve no doubt that Russia’s energy output will be dealt with whether that’s from additional output, release of reserves, allowing other nations such as Venezuela and Iran more access to markets and the biggest one getting OPEC to increase production significantly or the war in Ukraine coming to an end and/ or Putin being replaced All of these measures and more could burst the booming price bubble very quickly.
Jason Kenney has announced that the Provincial tax on gas and more will be taken off on April 1, which is April fool’s day, saving folks maybe 13 cents a litre on gas if the criteria is met. I regard this as a stunt aimed at his leadership review and honestly, that tax could be wiped out overnight by another hike in prices. Why not drop the tax now? Why wait?
I agree that as we transition away from fossil fuels that they will still have a part to play for many years but to even to think that the good times are back for good is, I think naive to say the least. People and businesses have and are having an energy scare and I think the ghuman reaction will be to use less and transition to something else more quickly than they would have before.
I, for one, am working from home, my fuel usage is 25 per cent of what it was two years ago and I have no intention of changing. I’m not spending any more on fuel, I’ll just cut a few trips. It could be worse. While we bellyache about maybe $2 a litre the cost in the UK right now is around $2.75. If and when I change my vehicle would I consider a more cost effective option, smaller engine, electric even? Hell yes. Doubtless others will too and I’m already eyeing up the new wood stove that we have crated up. I do not think this boom has legs and we all know what comes after a boom.