So today, Rachel Notley unveiled part of her new royalty regime on Alberta oil and gas.
Royalties are the payments that oil and gas companies have to make to the government for producing anything from under the surface of the earth.
There was no need for this royalty review. Alberta just went through this a few years ago.
She said a few things — that oilsands royalty rates won’t change. Thank God for small mercies. Imagine the billions of dollars that would have fled the jurisdiction in the next week had she done so, just like the billion of dollars that fled the province after her last attack budget.
But there will be other royalty changes, that she hasn’t clarified. This royalty review has been hanging over the head of the industry for more than half a year and it isn't done yet.
If you were an oil and gas investor, in New York or London, or Hong Kong, would you say, "We’re safe to invest in Alberta now?" Of course not.
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