{"id":41266,"date":"2018-12-04T07:15:17","date_gmt":"2018-12-04T12:15:17","guid":{"rendered":"https:\/\/olduvai.ca\/?p=41266"},"modified":"2018-12-04T07:15:17","modified_gmt":"2018-12-04T12:15:17","slug":"it-begins-rapidly-falling-oil-prices-first-guts-tar-sands-then-shale-oil","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=41266","title":{"rendered":"IT BEGINS\u2026 Rapidly Falling Oil Prices First Guts Tar Sands, Then Shale Oil"},"content":{"rendered":"<header class=\"entry-header clearfix\">\n<h3 class=\"entry-title\"><a href=\"https:\/\/srsroccoreport.com\/it-begins-rapidly-falling-oil-prices-first-guts-tar-sands-then-shale-oil\/\">IT BEGINS\u2026 Rapidly Falling Oil Prices First Guts Tar Sands, Then Shale Oil<\/a><\/h3>\n<\/header>\n<div class=\"entry-content clearfix\">\n<p>The rapidly falling oil prices have finally claimed the first victim, but it won\u2019t be the last.\u00a0 The Alberta Canadian\u00a0government announced late yesterday for a substantial cut in tar sands oil production to stem the hemorrhaging low oil price.\u00a0 The price paid for tar sands oil has fallen a stunning 77% from its peak just two months ago.<\/p>\n<p>While the Canadian tar sands oil price has fallen the most, various U.S. benchmarks\u00a0are also experiencing substantial discounts to the standard West Texas Crude Oil price.\u00a0 <strong>For example, the price paid for Bakken oil has dropped by 42% from its peak in October<\/strong>.\u00a0 This is terrible news for the shale oil producers in North Dakota.<\/p>\n<p>However, as bad as the situation is becoming for the U.S. oil industry, it isn\u2019t as bad as the disaster taking place in Alberta, Canada.\u00a0 According to the Zerohedge article,\u00a0<a href=\"https:\/\/www.zerohedge.com\/news\/2018-12-02\/alberta-orders-unprecedented-oil-output-cut-combat-crashing-prices\" rel=\"noopener\"><em><strong>Alberta Orders \u201cUnprecedented\u201d Oil Output Cut To Combat Crashing Prices<\/strong><\/em><\/a>:<\/p>\n<blockquote><p>So in a long-awaited and according to local energy traders, overdue response, Canada\u2019s largest oil producing province ordered what Bloomberg called \u201can unprecedented output cut\u201d, an effort to ease a worsening crisis in the nation\u2019s energy industry and adding to global actions to combat a recent price crash ahead of this week\u2019s OPEC+ summit where oil exporters will similarly seek to slash output.<\/p>\n<p>\u2026\u00a0<strong>The plan, which was announced late on Sunday, will reduce production of raw crude and bitumen from Alberta by 325,000 barrels a day, or 8.7% from January until excess oil in storage is drawn down.<\/strong> The reduction would then drop to 95,000 barrels a day until the end of next year at the latest.<\/p><\/blockquote>\n<p>\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>IT BEGINS\u2026 Rapidly Falling Oil Prices First Guts Tar Sands, Then Shale Oil The rapidly falling oil prices have finally claimed the first victim, but it won\u2019t be the last.\u00a0 The Alberta Canadian\u00a0government announced late yesterday for a substantial cut in tar sands oil production to stem the hemorrhaging low oil price.\u00a0 The price paid [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3],"tags":[1082,594,23342,723,12073,21136],"class_list":["post-41266","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","tag-alberta","tag-oil-prices","tag-oil-production-oil-production-cuts","tag-shale-oil","tag-srsrocco-report","tag-western-canadian-select"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/41266","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=41266"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/41266\/revisions"}],"predecessor-version":[{"id":41267,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/41266\/revisions\/41267"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=41266"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=41266"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=41266"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}