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Re: THE NEW One and Only Climate Change Whatever...
This movie shows Antarctica ice flows. For about the last 5 years Antarctica has been shedding ice, melting from below where the ice is grounded to bedrock below sea level...http://www.nasa.gov/multimedia/video..._id=106877491#
I think that world prices are over $20 less than Brent Crude, meaning that if Canada sold to someone other than the U.S. they could make that much more. The problem with this whole scheme is that the wealth is not distributed evenly, oil companies get filthy rich and the rest of the country gets extremely poor. This has happened time and time again in countries with a petrodollar currency. The currency goes so high it decimates manufacturing and other industries and weakens the tax base of the country making the net government revenues less. If you were correct about the bonanza for government then why is the debt so high.
I think that McGuinty has done a stellar job with a bad set of cards and has a great shot of forming the next government. We can just agree to disagree on this...
Do you not think that scientists are vital for advancement of societies. In this case is it not very shortsighted policy for federal and Ontario governments to be chopping them?
Most of the oil companies I've seen carry a lot of debt. Even oil sands companies are going bankrupt.
Most oil companies I'm familiar with pay nothing in dividends. They put the cash flow from the company back into the business. They have to keep drilling to stay still on their production rate. Well production decreases over time and the time is not all that long. Wells in Western Canada can cost 3 to 6 million each and sometimes they are dusters. Dry. They have to buy the leases. Sooner or later the debt has to be paid off. And, in a worst case scenario, there is something like in the Gulf with the costs involved.
You're ignoring the fact some of the nations who manufacture have to buy the oil at world prices and also other raw materials like minerals we mine. That they can still ship and sell to us at prices which make us non competitive speak more to wages and local taxes and environmental issues than our currency. Companies were leaving Canada even when the Canadian dollar was low.
The debt in this country is so high because government spend too much money. Wars are costly. So is the environmental initiatives. The consultants. The number of people the government employs and the fact they make an amount of money which is greater than what many private companies are willing to pay. I remember a time when the federal civil service was manned by our war veterans and the pay scale was lower than private industry. I once applied for a job with the federal government. They asked if I'd ever been in the military and I hadn't. It was an important question because if I had been a veteran (I was too young for WWII or the Korean police action) I would have been allowed to have someone from the legion sit in on the interview to ensure I got a fair interview. Anyhow, it turned out I didn't want to take the pay cut so didn't take the job. The government model changed over the next decade or so.
Scientist are OK if they can make it in the private sector. I figure governments should be employing a bare minimum. Many of those oil and gas companies whose profits you have mentioned employ scientists. Scientists can always form consulting companies. Why is it you figure the government owes them a living?
Most of the oil companies I've seen carry a lot of debt. Even oil sands companies are going bankrupt.
Most oil companies I'm familiar with pay nothing in dividends.
I was quite surprised to read these statements, so I thought I would do a little research. Perhaps the situation is not as dire for the poor oil companies as Gary would have us believe.
According to my research, the 3 largest partners in the Syncrude project are:
Canadian Oil sands 37%, Imperial Oil 25%, Suncor 12%.
Their profits for 2010 are $886 million, $2.2 billion, $3.6 billion.
Dividends for 2010 are $1.85/share, $356 million, $.40/share.
(figures are for total company, not just Syncrude investment)
Perhaps Gary is just investing in the wrong oil companies! :D
But the real issue with the Alberta Tar Sands is the environmental damage not costed out. The oil companies take their profits and leave the government with the clean up and related health care costs. :(
Last edited by Bob Gillanders; Friday, 19th August, 2011, 02:16 PM.
I was quite surprised to read these statements, so I thought I would do a little research. Perhaps the situation is not as dire for the poor oil companies as Gary would have us believe.
According to my research, the 3 largest partners in the Syncrude project are:
Canadian Oil sands 37%, Imperial Oil 25%, Suncor 12%.
Their profits for 2010 are $886 million, $2.2 billion, $3.6 billion.
Dividends for 2010 are $1.85/share, $356 million, $.40/share.
(figures are for total company, not just Syncrude investment)
Perhaps Gary is just investing in the wrong oil companies! :D
In Paul's scenario there shouldn't be any right or wrong oil companies. They should all be filthy rich and oozing the dirty "P" word. "P" = profit for those who flunked accounting.
In reality there are some companies which make money and you've named a few large ones. One oil sands company, as I'm painfully aware, ran into big money problems and filed for portection. Opti Canada which is involved in the Long Lake project. I'm not aware that project has ever made money for them or their majority partner Nexen and is running far below design capacity. I think the price tag on that project was around 6 Billion dollars or more. I think there's another oil sand producer in the area up for sale.
Lots of mid size and junior drillers and producers which are just getting by. Putting every cent they get back into drilling and supplement that with more share offerings and debt. Hedging when the oil and gas prices are high.
Of course, your selective example is either fun with numbers to make a point, or you are not financially literate. You have NOT included companies which are having problems, for one reason or another, in your selective example of the oil sands. Why?
You have NOT included companies which are having problems, for one reason or another, in your selective example of the oil sands. Why?
Well, I was not really selective. Your reference was to the oil sands, so I started with the Syncrude project, which is synonymous with the Alberta tar sands, and chose the three major partners. A quick look showed that indeed they were doing fine, dispelling your claim that oil companies were poor. No need to look further. Now of course, if I were to waste any more time looking at all the oil companies, i would eventually find some that lost money. Obviously, we all know there are exploration companies that go bust before finding any reserves. But I assumed we weren't talking about these.
So if we wish to characterize my research as playing with numbers, cherry picking as it were, go right ahead. IMHO, I made my point. :D
Well, I was not really selective. Your reference was to the oil sands, so I started with the Syncrude project, which is synonymous with the Alberta tar sands, and chose the three major partners.
I suggest you reread what I wrote. The tar sands was a very small portion and there are tar sands projects which are not viable and at least one company which has filed for protection.
I could just as easly say accountants are filthy rich and give a couple of examples. It wouldn't make it a generally true statement.
I suggest you reread what I wrote. The tar sands was a very small portion and there are tar sands projects which are not viable and at least one company which has filed for protection.
I could just as easly say accountants are filthy rich and give a couple of examples. It wouldn't make it a generally true statement.
You got me Gary. Not every oil company is profitable. But I think I am safe in saying that all the largest oil companies are profitable. I'm not going to bother researching that, I just think it is true. ;)
Not all accountants are filthy rich, but those working for big oil and big investment banks are likely doing very well.
Re: THE NEW One and Only Climate Change Whatever...
The Green Energy Act if vital to Ontario's future, and the worlds for that matter...
"If a new industry emerged in Ontario that would create more than 150,000 person-years of employment, inject economic growth back into struggling communities, and attract roughly $30 billion of private sector investment — while costing the average household no more than a coffee and a muffin each month — it would be a good news story."
"Ontario has taken the lead in creating the right conditions for renewable energy to flourish — along with the jobs, technological expertise and pollution-free power supply that accompany growth in this sector. Yet, despite becoming a North American leader in this expanding global market, some people continue to call for Ontario to take a step backward."
Re: THE NEW One and Only Climate Change Whatever...
The GOP in the U.S. is absolutely insane. The link here discusses the huge poverty rates in the U.S. and the GOP is against tax cuts for these folks and refuses to raise taxes on the rich...
Re: THE NEW One and Only Climate Change Whatever...
There was a very sensible article in the Windsor Star (for a change) on the subject of energy. The suggestion was to sign a series of long term contracts with Quebec to supply hydroelectric power to Ontario. The going rate on these contracts is far below the insane green energy plans that the Liberal government in Ontario is about to be destroyed over.
It seems that this suggestion doesn`t have much of a downside.
Re: THE NEW One and Only Climate Change Whatever...
You really need to stop reading those bat sh*t crazy liberal websites that you keep quoting. The U.S. is in deep trouble. It won`t be the rich that get taxed to get them out of the mess that they are in. It will be the middle class that bears the burden. Luckily from a Canadian perspective the middle class in the U.S. is taxed pretty lightly but there will be lots of blowback when reality finally asserts itself in any case.
Re: THE NEW One and Only Climate Change Whatever...
Finally a person in the GOP with guts and brains, who understands some science (on evolution and global warming)...
"when we have a body of science, listen when — you know, if you had 98 out of 100 oncologists, cancer doctors, who basically said the following course of treatment is going to be good for prostate, breast or colon cancers, we would all salute and say finally we have a consensus among the scientific community"
...yet...this is the consensus we have with climate science and people like Vlad and Gary do not accept this...deniers is too kind a term for them...Fxxxxxx idiots is better...
"We raise up our young people we tell them to get a good education and tell them to move forward and solve the great challenges of today, find a cure for cancer, make the world a better place. We then get the results are willing to jettison it and to shun it? I just think that’s the wrong direction."
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