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Jul 9, 2021 · The trips have not been as frequent since 2020, the result of historically low oil prices due to the pandemic and resulting economic downturn. Last year oil prices dropped to below $20 a barrel. In Newfoundland and Labrador, the West White Rose extension project stalled, shutting down construction on a gravity-based platform at Argentia.
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.
Oil Production Up 1.0% in April 2024. According to the Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB), approximately 6.6 million barrels of oil were extracted from offshore Newfoundland and Labrador in April 2024, representing an increase of 1.0% compared to April 2023.
The The price of Brent crude oil averaged US$41.96/barrel in 2020, down 34.7% from an average of US$64.30/barrel in 2019. The 2020 Calls for Bids in the eastern Newfoundland region resulted in a successful bid on one parcel of land totalling $27 million. Mineral shipments were valued at $4.4 billion in 2020, an increase of 17.3% over 2019.
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- 1 Fuel Price Update Synopsis
- 2 Fuel Prices
- 3 Impact of Fuel Prices on Reimbursement Rates
Corporate Fleet Services (CFS) has been mandated by the Treasury Board of Canada Secretariat to perform the Annual evaluation of per-kilometre Reimbursement Rates for government employees that are required to use their personal vehicles while performing government business. Furthermore, the periodic impact of varying fuel prices was to be evaluated...
2.1 Energy Market Context
The increase of crude oil prices that begun in late November 2020 continued until early March 2021. Prices peaked at the pre-pandemic levels of $66 USD per barrel in the case of West Texas Intermediate (WTI) on March 5th, 2021 and moved up to almost $70 USD per barrel for Brent on March 11th, 2021. In the following weeks, the oil price adjusted downward reaching the three-month lowest price of just below $58 USD per barrel for the WTI, a drop of 12% from the three-month period high just a few...
2.2 Gasoline Prices Across Canada
As described in the previous Fuel Update from February 2021 (for publication on April 1st, 2021), gasoline prices in Canada are very closely related to gasoline prices in the U.S. due to the shared resources and infrastructure. As a result, the market conditions in the U.S. have a direct impact on gas prices in Canada, including Canada’s largest cities. For example, Toronto and the rest of the Southern Ontario follow the wholesale price movements of Buffalo, New York (NY) and Rochester, NY, w...
2.3 Sales Taxes
For the current Update, research was performed to see if there were any relevant changes to Federal and Provincial sales taxes that could have an immediate impact on the Reimbursement Rates. As of the date of this Update, no changes were observed in sales taxes anywhere in Canada as compared to the previous Annual Report. Moreover, no changes are foreseen at this time for the immediate future.
3.1 Fuel Consumption
In calculating the fuel costs contribution to the total vehicle operating costs, the methodology employed in the Annual Report was strictly adhered to. Fuel consumption for every vehicle model in the study was thus combined with average prices per Province or Territory to determine the fuel portion of operating costs, based on an average of 20,000 kilometres per year.
3.2 Updated Reimbursement Rates
For comparison, the following table provides updated Travel and Commuting Rates, as well as rates previously calculated for the November 2020 Annual Report (for publication on January 1st, 2021) and the February 2021 Fuel Update (for publication on April 1st, 2021): Current Fuel Update Reimbursement Schedule (in dollars per kilometre) Note: All figures were rounded up to the nearest half-cent. The impact of gasoline prices on the Reimbursement Rates was moderate for the present Fuel Update. I...
Jan 4, 2021 · While diesel demand has recovered somewhat, gasoline and jet fuel demand remains well-below pre-pandemic levels. Looking ahead to 2021, Amons expects the outlook for refining will improve, particularly towards the second-half of the year as more people receive the coronavirus vaccine.
People also ask
How much does oil cost in Newfoundland & Labrador?
What happened to oil production in Newfoundland & Labrador?
Why are oil prices rising in 2021?
How much did crude oil cost in 2020?
In 2020, Newfoundland and Labrador’s oil production was 282.7 thousand barrels per day (Mb/d), or 5% of Canada’s overall production and 24% of Canada’s light oil production. ( Figure 1 ). Newfoundland and Labrador is the largest producer of crude oil in eastern Canada, and is the third largest oil producing province in Canada, after ...
