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Oct 19, 2022 · On the back of higher than expected revenue from oil — and taxes — Newfoundland and Labrador is projecting a 2022 budget surplus of nearly half a billion dollars.
prices for fuel oil (70.3 per cent) and gasoline (34.9 per cent) were the largest, reflecting a 59.6 per cent increase in crude oil prices over the same period. Prices for essentials such as food (8.6 per cent) and shelter (5.8 per cent) also saw significant increases. For the year as a whole, inflation in the province is forecast
Jan 4, 2023 · On December 8, the price of Brent crude oil reached the lowest 2022 price, at $75/b. Crude oil supply also increased in the second half of the year from U.S. and international Strategic Petroleum Reserve release programs, which increased the global supply of crude oil.
Budget assumptions versus daily Brent spot prices and year-to-date (YTD) averages. Fiscal Year. Note: The daily Brent spot prices are the daily Brent closing spot prices from the U.S. Energy Information Administration.
Sep 12, 2022 · As COVID-19 was spreading, an oil price war between Saudi Arabia and Russia hit Newfoundland and Labrador hard. The price of oil plummeted, creating a crisis for Canada’s easternmost province, which is heavily reliant on oil revenue to pay for services for its population of about 520,000.
Jul 9, 2021 · Then there’s price uncertainty because the Organization of the Petroleum Exporting Countries (OPEC) is considering an increase in production. Still, Barnes said even if OPEC decides to increase production, causing a price drop, a price of around $50 to $70 a barrel is still profitable for producers.
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Mar 30, 2022 · The total cost of all imported crude oil was $14.7 billion in 2021, an increase of 30% from 2020 when the cost was $11.3 billion. This increase is primarily because global crude oil prices recovered in 2021, following historic lows seen in 2020 at the onset of the COVID-19 pandemic.
