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TorontoCon





Joined: 14 Aug 2007
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PostPosted: Tue Mar 11, 2008 1:05 pm    Post subject: Record oil prices Reply with quote

Will record oil prices "fuel" Canada's economy beyond expectations? I'm just curious whether or not the price of oil being at $109/barrel and rising will help Canada's econonmy and overcome the "economic uncertainty" that Flaherty keeps referring to.

I don't think that we will be in trouble with respect to "toeing the line of deficit" if these trends continue....

We might even exceed expectations and have more tax cuts from the tax back guarantee.

What's the expected surplus? 2 billion?? Could it reach 3?? 4??

http://www.thestar.com/Business/article/332132
kwlafayette





Joined: 03 Sep 2006
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Location: Saskatoon Saskatchewan

PostPosted: Tue Mar 11, 2008 10:41 pm    Post subject: Reply with quote

We do about 4 times more with a barrel of oil these days than back in the dark days of the energy crisis. So high oil prices don't hurt as much as they used to. As for how long the good times last? My guess is until they end. No way to accurately predict it.
Craig
Site Admin




Joined: 29 Aug 2006
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PostPosted: Wed Mar 12, 2008 1:14 am    Post subject: Reply with quote

I haven't heard very many politicians utter the words "tax cuts" in quite some time. Besides the GST there hasn't been much progress on that anywhere in Canada :(
Cool Blue





Joined: 21 Sep 2006
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Location: Ontario

PostPosted: Wed Mar 12, 2008 5:37 am    Post subject: Reply with quote

I'm afraid that gas prices in a few months will go above $1.25 and the political ramifications of that.

I think Harper's old opposition proposal that we suspend the gas tax when it goes over $1.25 will come back to bite him.

Hopefully, he does revive that and push for a gas tax cut.

As Harper said, whenever the price of gas increases, the government brings in more GST revenue, so they can afford a cut in the gas tax.
TorontoCon





Joined: 14 Aug 2007
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PostPosted: Wed Mar 12, 2008 7:36 am    Post subject: Reply with quote

Hey Craig. Weren't you happy with the fall economic statement/mini budget?

Most of us should be getting nice tax returns this year! (wasn't there something retroactive in there?)
Sheila





Joined: 09 Feb 2008
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Location: Central Alberta

PostPosted: Wed Mar 12, 2008 10:43 am    Post subject: Reply with quote

After reading the book "The Coming Economic Collapse" by Stephen Leeb, PhD, it would not surprise me if oil hit $200 a barrel. This man is bang on.
TorontoCon





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PostPosted: Wed Mar 12, 2008 1:29 pm    Post subject: Reply with quote

Is that good or bad? Canada has surpassed Saudi Arabia in terms of oil exports to the USA. I really have no clue how oil prices are tied to economy... Can someone please spell it out for me?
FascistLibertarian





Joined: 23 Feb 2007
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Location: Ontario

PostPosted: Wed Mar 12, 2008 1:31 pm    Post subject: Reply with quote

any $ we make in selling oil at a higher price will be offset due to inflation and the rising cost of energy.
Sheila





Joined: 09 Feb 2008
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Location: Central Alberta

PostPosted: Wed Mar 12, 2008 10:16 pm    Post subject: Reply with quote

Very true Fascist Libertarian. If we can't be part of the solution, there's good money to be made in prolonging the problem. Just kidding. :D
hamiltonguyo





Joined: 27 Jan 2007
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PostPosted: Wed Mar 12, 2008 10:35 pm    Post subject: Reply with quote

Cool Blue wrote:
I'm afraid that gas prices in a few months will go above $1.25 and the political ramifications of that.

I think Harper's old opposition proposal that we suspend the gas tax when it goes over $1.25 will come back to bite him.

Hopefully, he does revive that and push for a gas tax cut.

As Harper said, whenever the price of gas increases, the government brings in more GST revenue, so they can afford a cut in the gas tax.


I'd rather they take that revenue and give us another GST cut, or rise in the basic personal exemption.

A gas tax cut only benefits people who use lots of gas and besides the companies would just raise prices up to the same level to take advantage of the increased demand from lower gas prices.
kwlafayette





Joined: 03 Sep 2006
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Location: Saskatoon Saskatchewan

PostPosted: Thu Mar 13, 2008 1:40 am    Post subject: Reply with quote

$1.25 gas is nothing, just imagine if the carbon tax people got their way. $5m $6, even $7 per liter gasoline is not too much.
Cool Blue





Joined: 21 Sep 2006
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PostPosted: Thu Mar 13, 2008 5:40 am    Post subject: Reply with quote

Quote:
I'd rather they take that revenue and give us another GST cut, or rise in the basic personal exemption.


The price increase may be just temporary, the old Harper proposal would have seen the tax removed when prices went over $1.25, but it would be put back on when it dropped again.

So it isn't really meant to provide for a permanent tax cut.

Quote:
A gas tax cut only benefits people who use lots of gas


And anybody who happens to, y'know, "eat" (buy groceries).

Gasoline increases affect everybody because the majority of goods in Canada are delivered by trucks which will cause an inflationary effect.
crazymamma





Joined: 18 Aug 2007
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Location: The kitchen

PostPosted: Thu Mar 13, 2008 6:37 am    Post subject: Reply with quote

Quote:
And anybody who happens to, y'know, "eat" (buy groceries).


Your exactly right Cool Blue.


Most people have no clue just how much gas a farmer uses to till the land, plant, fetalize,.....It all adds up, food basics will just continue to rise putting more strain in the budgets of those that are already having a hard time making it. Think the food banks won't be further burdened?

But the Green party would be happy.
Big Tuna





Joined: 28 Nov 2007
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PostPosted: Thu Mar 13, 2008 9:09 am    Post subject: Reply with quote

As oil prices go up the country gets richer as the people get poorer. There's something wrong with this situation. They need to use the increased revenues from the oil to help people deal with the higher prices. Coldest winter in years and people can't afford to heat their homes anymore.
Sheila





Joined: 09 Feb 2008
Posts: 556
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Location: Central Alberta

PostPosted: Thu Mar 13, 2008 9:54 am    Post subject: Reply with quote

Big Tuna wrote:
As oil prices go up the country gets richer as the people get poorer. There's something wrong with this situation. They need to use the increased revenues from the oil to help people deal with the higher prices. Coldest winter in years and people can't afford to heat their homes anymore.


Just wait until they find the tar sands in Saskatchewan. I would guess within the next 5 years. The only ones to profit off the oil, are those that have invested in it.
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