I am originally from the Province of Alberta, in Canada. And while I live in Australia now, I still keep an eye on what happening there.
There was a recent election campaign that saw the upstart Wildrose party pit themselves against the entrenched PC party.
While the Boobie bus incident made me laugh- and still does- the election did have one very important calling card. Resource royalties.
Alberta is the land of Oil. Especially tar sands oil. More expensive to take out of the ground, but one of the largest land bound reserves on the planet. Top three I think.
I believe that the royalty- and feel free to correct if I am mistaken- the current royalty the province demands is about 17.5%. Oil companies, naturally, are whinging about paying that much. The Wildrose party, apparently wanted to REDUCE this royalty to promote investment, saying that companies might not do business in the province because it was expensive.
Expensive? Got news for them. So's oil.
The oil is in the province. If the corporations want it, they'll do business, and at $90+ per barrel, they will still be fighting for the rights to set up shop.
A dollar today is worth more than a dollar tomorrow. The future wealth of the province depends upon the management of those dollars. The fact is, those rates should be increased. Failure to increase them means you are throwing the future of your children away. Oil is a finite resource. What are you gonna do when its gone?
Thankfully. the Wildrose party lost. But the current government needs to do something about it. The Wealth that belongs to the people of Alberta is bleeding out. This should be stopped.
Most interesting to read. I am in total agreement with you.
ReplyDeleteYvonne.
Norway did something like that a few years ago regarding their North Sea Holdings. The Companies screamed blue murder, but business is still booming. Still too much money to be made.
ReplyDeleteWe are glad the Wildrose party lost. Very glad. That party was so sure they would win so they sent no scrutineers to the polling stations asn they should have. I worked the election. The Wildrose party was stunned because they lost. Gee... if you can't be bothered to show your face before the election, how can you think you would win the election?
ReplyDeleteAs for the current royalty, it is up to review and will be changed. Not sure to what as of yet though. We shall see.