Reports of BC subsidies to Canada’s oil and natural gas industry are inaccurate says Canadian Association of Petroleum Producers
The report, he stated, is yet another instance where the authors alter the definition of a subsidy in order to support an inaccurate report. There are no subsidies given to the oil and natural gas industry to support production.
“The industry is one of the largest private investors in the British Columbia economy and one of the biggest sources of resource revenue for the provincial and federal governments; revenues that support healthcare spending, infrastructure development, as well as investments in education and schools”.
Continuing, Brunnen remarked, “Royalty programs and tax measures are ways for provincial governments to ensure they receive fair value for the natural resources they own.
“Federal and provincial tax and royalty regimes are not subsidies, they are part of a fiscal framework that provides a globally competitive investment regime attracting investment, creating jobs and benefiting all Canadians”, he concluded.
Vice-President of oil sands, fiscal and economic policy