Alberta Venture
The World’s Greatest Savers
Vol. 12 Issue 5
Story by Wes Lafortune
"In little more than a decade, Norway has saved nearly $400 billion from its oil windfall, repudiating what some call the “oil curse.” What Alberta could learn from this frugal northern nation?"
Nice story from Alberta Venture magazine.
A little local politics here so you'll have to excuse me if your location does not lead you to care.
A couple of facts clearly point out the disgrace.
Norway started their Petroleum Fund in 1996 and its value has now reached 390 billion dollars.
Alberta started their Heritage Trust Fund in 1976 and its value is currently 16.6 billion dollars.
That is the disgrace.
The hope lies in Fort McMurray, Alberta. Canada's proven oil reserves are now ranked second in the world with the recent inclusion of the Alberta oil sands in the total.
We Albertans still have the opportunity in front of us to do the right thing.
The question is, do we have the fortitude, leadership, and the will to make it happen?
2 comments:
The Conservatives will not leave so much as 1 cent in the public domain in the form of Heritage or anything else. Our royalty has been dimished from 25% to 19% and the funds from US$ to Can$ all to "ease the oil companies in the new regeim" expected to be in sometime in the next 20 years.
We had a chance to dump them the last election and blew it. Perhaps some more people will vote next time?
Apparently I need to clarify my comment, "We Albertans still have the opportunity in front of us to do the right thing."
In my opinion the "right thing" is not raising taxes, not taking more from oil companies, and is not creating a state oil company.
Alberta does not have an income problem, Alberta has an expense problem. We are spending money like it will never end.
It will.
The Heritage Trust Fund was supposed to receive 1/3 of all oil and gas royalty revenue.
Make it a law that is has to be done.
Governments will always spend all the money there is to spend.
The only way to stop them is to take the money away from them.
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