Oil & the Loonie

Something called Carbon Capture Report comes up every so often when I put “peterderemigis” into Google. Today I opened it to see why my name was embedded, and found this: my old 2010 outburst about $150-a-barrel petrol when Canada’s currency was just about par with the greenback. Now oil has sunk to just over forty dollars per barrel U.S. along with the Canadian currency now worth scarcely seventy-five percent of the U.S.dollar as media celebrates the Climate Change conference of world leaders; with the leader of Canada’s Liberals about to pledge over 2 billion dollars for a future carbon free universe.

Global Warming versus Expensive Oil

Amidst endless media concern about the dire consequences of global warming little or nothing is heard about how expensive oil has contributed to the recent world economic crisis. ‘”These are extraordinary times … the challenges we face have only just begun”‘says the governor of the Bank of Canada warning Canadians of the seriousness of the crisis. Of course as most economic commentators have said since the autumn of 2008 this recent world-wide economic catastrophe has been the effect of poorly financed mortgage loans in the United States, and not the third great oil shock caused by the price of oil rising to nearly $150 a barrel as food prices skyrocketed.