XPost: can.politics, bc.politics, ab.politics   
   From: puela@nyet.ca   
      
   Alberta's smugness is all but over.  From now on they're going to have to   
   concentrate on GREEN energy sources like the rest of us.   
   Foreign oil companies . . .  go home and do the same.   
   ___________________________   
   CBC News Posted: Jan 06, 2015   
      
      
   Oil slides below $48, dragging TSX down another 120 points   
   Crude price now down more than 50% from recent highs   
      
   The price of a barrel of oil continued its slide on Tuesday, losing almost $2   
   to trade below $48 US a barrel.  The crude drop dragged energy stocks on the   
   TSX lower too.   
      
   The S&P/TSX Composite Index lost another 140 points to trade at 14,252, a day   
   after shedding almost 400 points due largely to weakness in energy prices.  The   
   loonie sold off again, losing about 0.4 of a cent to 84.65 cents US.   <<===   
      
   Oil has now lost well over 50 per cent of its value since last summer, when the   
   price of a barrel of oil touched $107.   
   Oil first dipped below $50 per barrel on Monday before recovering, and then   
   capitulating below the line on Tuesday and showing no signs of stopping.   
      
   Late in the trading day, the crude contract hit an almost six-year low of   
   $47.56 a barrel. "Fifty [dollars] is a fairly important level from the   
   standpoint that you're really digging past many, many producers' marginal   
   costs. So I think, psychologically, it's a big number," said Chris King,   
   portfolio manager at Morgan, Meighen and Associates.   
      
   Crude is being driven lower because of oversupply, as the U.S. now produces far   
   more oil than it used to because new technology has flooded the market with   
   shale oil.  So much oil, in fact, that the world is currently producing about   
   three million more barrels of oil per day than it's using.   
      
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   Plunging oil prices have been the result, and that's been a bitter pill for   
   Canada's economy in the short term.  Growth forecasts are being slashed as oil   
   companies rush to rein in spending and keep their heads above water.   
      
   TSX-listed Crescent Point Energy joined those ranks on Tuesday, cutting its   
   spending forecast by 28 per cent for next year while it rides out cheap oil.   
   Larger rivals like Husky and Penn West have previously announced plans to take   
   similar steps.   
      
      
       How cheap oil could be good for Canada's economy   
      
      
      
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     It is horrifying that we have to fight our own government to save the   
   environment   
      
                                ~  Ansel Adams   
   ==================================================================   
      
   --- SoupGate-Win32 v1.05   
    * Origin: you cannot sedate... all the things you hate (1:229/2)