Big Oil Blackmail
Gee, apparently Alberta has an Auditor General and believe it or not he (of course) has brought to light the fact that the Alberta Tories have been in bed with Big Oil at the expense of Alberta taxpayers for quite some time.
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Dunn said that as far back as three years ago, researchers in Alberta's Energy Department stated that the province's share of royalties from its giant petroleum industry had fallen below its target range. They also said the government could easily collect an additional $1 billion or more per year without stifling industry profitability.
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What's hilarious, of course, is Big Oil's response to the report:
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Premier Ed Stelmach has promised to respond to the report later this month, but industry officials are already warning of dire consequences.
Investment bank Tristone Capital warned Monday that boosting royalties, particularly in the natural gas sector, would lead to a "flight of capital."
Energy giant EnCana Corp. (TSX:ECA) said it would slash spending in Alberta by $1 billion if the royalty rate hike is adopted.
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Now, I'm not a REAL Premier of Alberta, but my response to that bit o' blackmail would be to call their bluff. You want to leave all that oil behind? Be my guest.
Buh-bye, Big Oil.
Don't let the sour gas choke you on your way out.
