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Bored??
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Check out the new Whyzzat Swagspot, for the latest
in cool, frank, and terribly wearable fashion statements!
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FluffyMcDeath
Open-Minded
Joined: 17 May 2005
Posts: 1456
Location: Vancouver BC
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$1.05
Posted: Mon Oct 29, 2007 11:52 am
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According to my exchange ticker, at around 17:40 UTC the exchange rate hit .9522, which means that the Canadian dollar bought about $1.05 US.
Meanwhile oil was just shy of $93 USD/b. |
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faethor
Open-Minded
Joined: 25 Aug 2005
Posts: 2021
Location: Minneapolis, Minnesota
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Posted: Mon Oct 29, 2007 11:57 am
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Ahh does everyone remember the good ole 1999 a mere 8 years ago when oil was 5x less or ~$20/ barrel?
_________________
An oligarchy is said to be that in which the few and the wealthy rule, and a democracy that in which the many and the poor are the rulers -- Aristotle. |
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Glaucus
Open-Minded
Joined: 12 Apr 2005
Posts: 1206
Location: Winnipeg, Canada
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Posted: Mon Oct 29, 2007 12:50 pm
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I'm not economist, but I suspect there's a strong link between the low USD and the high price for oil. Since oil is sold in USD, they raise the price to compensate for the money they'd loose if they didn't raise it.
Of course, Canadian retailers are still sluggish in reducing their prices to reflect the strong CDN dollar. At least our gas prices haven't gone through the roof yet. I mean, fuel isn't cheap but I've seen it much higher then what it is now.
- Mike
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“In Kazakhstan we say, ‘God, man, horse, dog, then woman, then rat, then small krutzouli.’” - Borat Sagdiyev |
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faethor
Open-Minded
Joined: 25 Aug 2005
Posts: 2021
Location: Minneapolis, Minnesota
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Posted: Mon Oct 29, 2007 12:58 pm
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| Glaucus wrote: | | I'm not economist, but I suspect there's a strong link between the low USD and the high price for oil. Since oil is sold in USD, they raise the price to compensate for the money they'd loose if they didn't raise it. |
Exactly. And if it continues it's more likely that oil bearing nations will dump the USD and peg oil to another resource like the Euro, unlikely, or gold, perhaps more likely. Then you'll see the US economy, in the words of Culture Club, I'll tumble for you...
_________________
An oligarchy is said to be that in which the few and the wealthy rule, and a democracy that in which the many and the poor are the rulers -- Aristotle. |
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FluffyMcDeath
Open-Minded
Joined: 17 May 2005
Posts: 1456
Location: Vancouver BC
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Posted: Mon Oct 29, 2007 1:52 pm
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| Glaucus wrote: | I'm not economist, but I suspect there's a strong link between the low USD and the high price for oil. Since oil is sold in USD, they raise the price to compensate for the money they'd loose if they didn't raise it.
- Mike |
Well, you can actually check out that supposition by taking a look at this Government of Canada site that keeps track of exactly that sort of thing.
Of course, it's metric You have to convert from cubic meters to barrels yourself but the conversion is given at the bottom of the table of the month you pick. |
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