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Ventura Photography Above By: "Michael Racine" |
AN ART & PHOTOGRAPHY EXHIBIT BY SANDRA CLERMONT & PU'U DEREK DODDS TRAVELS EUROPE | OIL INFLATION? By Ron Smith Today everybody is certainly aware of the high cost of living, not regally, but just a simple life supplying a roof over our heads and food on the table. I recently came across a Prospectus from the G. S. Johnson Company of San Francisco California dated Sept. 22, 1909 just a little over 100 years ago. They were at the time selling stock in the Pyramid Oil Co. - a company that held oil rights in and around Ventura County. Much of the property was between Ojai and Santa Paula including the Sulphur Mountain area. In the prospectus to potential clients, they made mention of the fact that at that time oil in California was already selling for a bit over 60 cents a barrel. They mentioned that practically none was sold below that price. The higher gravity refining oils often commanded prices ranging from 75 cents a barrel to $1.50. The "Oil Industry" published in Los Angeles California had taken a poll of over 100 of the most prominent oil operators of the State of California, asking for an expression of opinion as to the probable market price of crude oil in five years. More than 90 percent, expressed the firm, believed that the average price within five years would be materially above the present quotation of 60 cents per barrel, and many declare that within that time it will not be less than $1.00 per barrel, and continue that high for all time to come. Well it seems that those stalwart gentlemen were just a bit off with their predictions - all time certainly hasn't come as of yet and oil today is going for well over $100.00 per barrel. How do you suppose those gentlemen would feel if they knew that oil would go that far? The stock in the Pyramid Oil Company at that time was selling for 25 cents a share. Just think, if our grandparents and great-grandparents had bought a few hundred shares back then, WOW! We'd not being scraping the bottom of the barrel to make ends meat. Rellis Smith rellis39@sbcglobal.net www.californiachile.com Posted: 07-01-10
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