1. In a large bowl combine the flour, sugar, baking powder and peels. 2. In another bowl beat together the orange juice, 1/2 cup olive oil, egg yolks and extract. 3. Stir into the flour mixture. 4. Beat the egg whites till stiff peaks form. 5. Fold into batter, then pour into an oiled 10 inch tube pan. 6. Bake at 325 degrees 1 hour or till the cake tests done. 7. Cool, then unmold. 8. To make the glaze, place all the ingredients plus the 1 tsp. olive oil in a small saucepan. 9. Bring to a boil and simmer 3 minutes, then spoon over the cake. 10. Garnish.