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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - July 22, 1974, Lethbridge, Alberta So far as finding crude oil is the 'good old days' are over. Today most of our un- developed Canadian oil reserves are in remote areas of the locked in the Athabaska tar or are far out under the our coast- requiring multimilJion dollar costs to de- velop. That's why we say that Canada is now into the era of oil. Tough to expensive to The bright side to this picture is the fact that Canada does have sufficient potentialdQ. reserves to see us through for many years to come. The trick is to get to it and get it out. And that takes technology and money. By way of the petroleum industry has already spent more than four billion dollars in the last 10 years in the search for oil reserves. The result of this search is that knowledgeable estimates can be made. For- these indicate that we have in Canada potential oil reserves on a scale comparable to those of But it is going to take a great deal of money to get at these new and so keep Canada self-sufficient in billion dollars in the next 10 _ Some of the money iff V neeiKf feust come from earned profits of the oil Jh spite of the erroneous staiementsthatpeople oil industry profits being dm zr year the average return on capital employed by the four largest inte- grated oil companies in Canada amounted to only Considering the investment our comparing with the level of return one can get from investments Mleisslfeky from no-risk bonds -this average is not or even sufficient Our Company on average realizes net earnings of not much more than one csftti gal- lon on all the petroleum products we sell. It does seem to us that a cent a gallon is a reasonable amount for manufacturing the many different petroleum products and making them conveniently available to our cus- tomers. We hope you agree. It is a fact that profits have to be made or a company cannot stay in business. Companies 6nlv are not around long. The families is the knowledge that they work for a company that makes a profit. You need profitable cornpanies to serve you and to create employment. from new CanadaV oil industry needs many new in- vestors if we are to continue to spend vast sums exploring for oil in hard-to-reach and de- veloping both the technology to get at it and the equipment to get it out to where it is needed. What is required is a fair return on money invested and an opportunity for growth in rela- tion to the amount of risk. it is very important to Canadians that governmental policies encour- age massive investment of risk capital. Tough or not-it CAN be All this is not going to be but with the right incentives and public policies that recognize the size and difficulties of the job the oil industry can continue tp meet Canada's future energy needs. Even like we we are now in an era of 'tough' oil. Texaco Canada Limited x ;