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The Conservatives froze the gains on the fund (royalty, interest and appreciation on investments) at 5% Anything above that including reserves put there by Lougheed were siphoned off into General Revenues. This included those times when oil was running 200.00 US a barrel and we were getting our full price!.
Over 700 billions of dollars were leached from this fund since Peter Lougheed left office with the Biggest hits taking place when Ralph Klein took over!
Now, Alberta collect zero for royalty! Profits come from investments including oil stock held by the province.
Wild Rose are saying they will start a new heritage fund built out of your tax dollars, increasing taxes if need be to do so!
When the last recession hit the bulk of oil workers were illegal immigrants. Many still are that is why Alberta doesn't want oversight into its immigration. Illegal immigrants (from US usually)pay no taxes either side of the border. But, I digress.
The make work program put in by the Government for the oil industry cost the funds which AIMCo hold by 6 billion dollars! At the same time AIMCo declared a 7 billion dollar loss of revenue due to bad investments.
Like companies in their business of investing were declaring 3% profits. 6 billion dollars stolen from pensions plus the 3% loss on money not there would bring you to the 7 billion. It is also the amount of the pension shortfalls the Government is talking about.
Canadian high commissioner Stewart Beck told Financial Post (FE) the conservatives discount our oil at 30% of the world market price!. This hits consumers and rural Alberta very hard!
Think of it! We start off at 30% discounts down from 0% when Lougheed left the field. We collect 0 for royalty now and pay for power lines so the oil companies can export power.
Norway has Hundreds of Billions of dollars of royalty stashed away; presently lending to Europe to help them through their crisis. Norway has one of the highest per capita education averages in world. They turn out a 70% vote to every election. They will not vote Conservative nor is there a Conservative party trying to gain office. They keep their Governments (no matter what flag) honest by their high voter turn out.
Alberta has been turning down the education system sometimes not so slowly. We are graduating the largest batch of ignorance in North America! Our voter turn out is 23% with the ignorant saying "we can't change that".
The Alberta Liberals who were in office for the initial building of this province at its conception are now up and running strong again. Up in the polls and Sherman is out there with exact policy changes that will put this province back in the cash place it belongs. He has cited education at several levels as being a priority.
He has said he will do away with the Mega Health board that is used for selling off hospitals rather than building them.
When you sort though this "rant" you will see that Albertans are paying the oil companies to take the resource from the province. You voting is the only way that can be changed! Vote Alberta Liberal for your kids sake if nothing else!
If you want to stay up to date with behind the scenes manipulations visit http://albertathedetails.blogspot.ca on the left hand corner there is a search bar look up water, electricity, land sales and get a picture of just how insane this relationship with the Conservatives or Wild rose is.
Coincidently; straw votes are showing the Liberals with big and constant gain; the Wild Rose nutters are in freefall as are the Conservatives.
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