Friday, March 16, 2012
(If you would donate to the Parkland Institute they would not be tempted to put out propaganda for the Torrie)
Peter Lougheed worked out a deal between the Oil Company, the Federal Government and the Alberta Government which was a steal for the oil company. The Feds, who were in the partnership also through in tax concessions which still ride and should not be in there!
While true that 40% of Alberta revenue was resource oriented, Natural Gas was the major contributors by virtue of the sheer volumes and the high rates at the time.. If memory serves me, only 6% was from the oil side of the equation. The crash of gas from 15 cents to 3 cents left the Government with choices of increasing royalty or robbing pensions; they took the latter.