The UCP’s goal to have a $714 million surplus by 2023 seems to be drifting further and further away.
That’s more than the area of all the oil sands and the entire provincial parks system combined.
Last year, the Alberta government approved lending $1.25 billion to the Sturgeon Refinery. Then increased it to $1.5 billion. Now, they’re upping it by another $300 million.
In 2019, the UCP government created a private corporation to serve as an oil and gas propaganda machine. Here’s who works there.
More debt. Fewer jobs. Less tax revenue.
In 2017, the NDP’s Modernized Royalty Framework came into effect, freezing royalty rates for 10 years. The UCP thought that should be law.
Earlier this month, Alberta’s energy minister appointed two lawyers to the utilities commission. Both lawyers worked as counsel for energy companies.
Income tax revenues are $4.2B lower than planned this year. Oil & gas revenue is $3.4B lower. Federal transfer payments are $2.2B higher.
Earlier this week, the Alberta government released a vision and strategy for the natural gas sector. Canada is the 4th highest producer of natural gas in the world, and about two thirds of that is produced within Alberta. The newly released vision and strategy is intended to include more than natural gas production and distribution. […]
Through royalty adjustments, the provincial government reduces royalty rates for fossil fuel companies, which they hope will encourage new oil and natural gas reserves and improve the longevity of already existing reserves.