Wednesday, January 14, 2009

Alberta-The lowest royalty for oil in the world!

Multi Billions more given up to the oil companies!

In the latest rush of resource give away, the Conservatives have hit a new low!
They revamped the royalty system on December 16 as follows:

Oil companies will not have to pay their pre-payout of 1% as was the original deal. Instead they pay the 1% on the payout portion until after oil reaches 55.00 per barrel!
And:
The original deal was for 25% to be paid as oil royalty from the time the project was paid for. Under the new deal the 25% will not come in effect until oil again reaches 55.00 per barrel.

This means the royalty being collected now is at 19% and all the royalty posturing is nothing more than lies.

To put the icing on the cake, the tar sands refined crude oil is selling at a discount of near 30% when it is being sold at the price of regular crude.
The bottom lines is this Government has now cut itself off cash flow and will try to make that up off the residences in this province.

There is only 1 cure for this, get rid of this bunch of crooks!
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