After all they seem to forget that while they and their right wing apologists claim that they 'invest' in the development oil and gas, and this makes them the real owners, their investment is the result of capital accumulated from living and dead labour. Labour is required not just capital. And we have both.
International oil producers will flee Alberta if the Western Canadian province's government implements a proposed hike to oil and natural gas royalties and taxes, an investment bank said on Monday.Socialist Conservatives? Oh please gimme a break. They were the heroes of neo-cons for the past decade, heroes to dweebs like Corcoran. Now by asking for a fair share, and mind you its a small share based on extensive lobbying by the industry during the committees public hearings, Prince Eddie is suddenly being compared to Hugo Chavez.
Going ahead with a recommended 20 percent, or C$2 billion, hike to Alberta's take from oil and gas production in the province will actually cause government revenue to drop as production falls by half-a-million barrels a day, according to Tristone Capital Inc, an investment bank that serves the oil and gas industry.
Shoddy report on royalties robs Alberta
Terence Corcoran, Financial PostPublished: Thursday, October 04, 2007
Another Alberta resource player, this time Jim Buckee at Talisman, has joined the growing corporate chorus against proposals to raise royalties on the province's energy output. If the plan goes ahead, said Mr. Buckee in a letter yesterday to Premier Ed Stelmach, Talisman "would likely cut $500-million" in capital spending.
Other companies waiving red flags over Alberta -- described jauntily by Deutsche Bank analysts as a new "Bolivarian Republic" -- include EnCana, Crescent Point Energy and Petro-Canada. By now, several billion dollars in new investment have been put in doubt since the royalty proposals were floated two week ago by an outfit called the Alberta Royalty Review Panel. Claiming Albertans aren't getting their fair share of energy-resource royalties, the panel proposed a new regime to extract another $2-billion a year out of oil and gas production.Based on the great socialist-statist principle revered by Alberta Conservatives, that mineral resources are "owned by the people," the review panel easily worked its way up to the idea that the people weren't getting enough of a share as owners.
The reality is that they already knew that Alberta's conventional oil and gas reserves are in a serious decline. Increasing royalties will not change that.They are making much ado about nothing to scare Albertans into accepting less than our fair share.
Don't Let Big Oil Set Our Royalty Rates make sure Ed hears from you.
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