Text 12382, 107 rader
Skriven 2008-08-19 23:57:00 av JIM WELLER (1:123/140)
     Kommentar till en text av GLEN JAMIESON
Ärende: OT - Oil prices
=======================
-=> Quoting Glen Jamieson to Michael Loo <=-

 GJ> During and following the Arab-Israeli war in 1973, the
 GJ> Arabs cut off the supply, which resulted in the price of oil tripling
 GJ> over a few weeks. This happened again in 1980 due to the Iran-Iraq
 GJ> war. In those days the barrel price was so low in comparison to
 GJ> refining and distribution costs that the effect on the consumer was
 GJ> much less than it is now, so not as noticeable by the general public. 
 GJ> As it still only costs less than $20 a barrel to get the stuff out of
 GJ> the ground,

An industry spokesman conceded back in 2006 that all Canada's older
conventional oil cost $22 or less to extract, new oil in remote
places cost $27, established heavy oil sands cost $35 (and had been
losing money for 39 years) and that new arctic oil and increased
production in the oil sands would need $55 oil to be practical. He
thought $55 was an ideal price as it encouraged exploration and
development and yet was affordable for the customers who would
therefore buy lots of it. As our local production costs are in
Canadian dollars and the product is always sold in US dollars he
might argue for $78 today due to changing exchange rates. Anything
above that would be "excess" profit.

 GJ> but it is sold for up to $150, investors who are fortunate
 GJ> to have shares in oil companies are quite obscenely rich.

Which, some of us forget, is almost all of us. Anyone who has mutual
funds, a company pension plan or a life insurance annuity owns
shares whether they know it or not. The people who own "Big Oil" are
mostly ordinary folk. Corporate insiders own 1 per cent of the
shares (there is no justification for obscene executive bonuses
however), big institutional investors own 5 per cent, mutual funds
own 30 per cent; pension funds own 27 per cent and individuals own
37 per cent with most of the shares held in retirement accounts.

There are also lots of blue collar people working in the oil patch
making good middle class wages and the small farmers who earn
royalties on oil leases to consider.

Oil companies fared well in 2005 and 2006, at the height of the
business cycle, a period when all businesses fared well. The oil
companies earned a return on investment of 22.5 per cent in 2005
compared with a return of 21.0 per cent for the stock market as a
whole. But they had earned a return of only 9.9 per cent a year, on
average, during the past 25 years, when the market earned 12.0 per
cent a year.

In 2001 these companies got 14.3 per cent of the pump price for
distribution, marketing and margin; so far in 2008, they are getting
just 9.2 per cent. The balance is the cost of foreign oil and
increased government taxes. Our federal government collects an extra
$100-million in windfall revenue from every 10-cent increase in gas
prices. As the Canadian Taxpayers Federation observed in observance
of its Gas Tax Honesty Day, one of the biggest costs in filling our
tanks is the cost of government. Taxes account for 28 per cent of
pump prices. Strip out the taxes (40 cents a litre) and you get back
to the real price of gas: 100 cents a litre.

And pricey oil could have a silver lining. Conservation and
efficiency will cut carbon-dioxide emissions and make the planet
cleaner.

MMMMM----- Recipe via Meal-Master (tm) v8.06
 
      Title: Sarasapurket As Made in Vigan
 Categories: Chicken, Filipino
      Yield: 4 Servings
 
           Cooking Oil - 2 Tbsp
           Native Chicken, 250 grams
           Chopped
           Ginger - 50 grams (pounded
           Or grated)
           Garlic - 50 grams minced
           Fish Sauce - 2 Tbsp
           Water - 4 Cups
           Chicken Blood with Vinegar
           Ilocos - 1/4 cup
           Pepper - Dash/ to taste
           Siling Labuyo - 5 pcs
           Finger Chili - 5 pcs
           Sili Leaves - 7 pcs
 
  Saute garlic and ginger in a pan. Put in the chicken and lightly
  sear. Add patis and continue cooking until brown.
  
  Add water and simmer until the chicken is tender.  Add the blood
  and vinegar mixture.  Boil and simmer for 5-7 minutes.
  
  Season with black pepper.  Add the labuyo and the finger chilies.
  
  Add the sili leaves and serve hot.

  From: Wyatt Belmonte To: Filipino_Food List

MMMMM
                   


Cheers

YK Jim


___ Blue Wave/QWK v2.20 [NR]
--- Platinum Xpress/Win/WINServer v3.0pr5
 * Origin: Doc's Place BBS Fido Since 1991 docsplace.tzo.com (1:123/140)