Jan
27

Crude Currency

oildrillingWhile oil prices here are down 56% since 7/1/14, the picture is vastly different elsewhere because oil is quoted in US dollars. Because the Canadian dollar has fallen vs. the US dollar, when converted into Canadian currency the decline has been less severe at just 49%, while in Russia, oil prices in Rubles are unchanged. Thus, all else equal, oil exploration and production will fall less there than here.

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