Tuesday, August 12, 2008

Tar Sands oil being sold at fire sale prices

Oil price 114.00 per bbl US$

Under the original scheme Alberta would receive 25% or $28.50 per barrel of oil US or $30.94 per barrel Canadian at today’s rates..

Under the new rates they snuck in through the back door Alberta will receive 19% or 21.66 Canadian dollars a loss to Albertans of 9.28 per barrel of oil. This loss will continue to increase as the Canadian dollar settles back into 85 cents.

The conservatives have waved around a paper “new energy royalty” to take effect soon. But, they have made no indication this would be put into effect. It is just paper. Further the Minister has said as has Stelmach there will be adjustments to that paper to keep everybody happy.

Unfortunately the people of Alberta are not in the “everybody” category!

It is their intention to further reduce royalties as new production comes on board in Alberta.

9.28 per barrel loss at 2.5 million barrels per day production

The Conservatives have given away 232 million dollars a day or 8.46 billion dollars a year of resource money that rightfully belongs in the Alberta coffers!

The next time they tell you they don’t have the money, tell them where to get it.

John Clark.
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