This is a news compilation setting the record straight on the day’s top anti-oil and gas stories and providing research and facts to counter misinformation about the oil and gas industry.
Narwhal author claims B.C. losing billions due to royalty credits.
The natural gas industry in B.C. is still paying hundreds of millions in royalties and taxes.
- According to the Montreal Economic Institute, despite claims by anti-oil and gas organizations these credits that activists identify as “subsidies” are actually just a particular tax treatment that is common to the natural resources sector as a whole.
- Despite producers claiming credits, in 2018/19 they also paid $196 million in royalties to the government that would otherwise have not been paid if the wells were not drilled. This doesn’t include the nearly $200 million paid in carbon taxes by the upstream natural gas industry.
- British Columbians can expect to see an estimated $2.45 billion per year in provincial revenue, going directly to essential services like healthcare from projects like LNG Canada.
- The oil and gas industry in B.C. also provides 8,304 high paying jobs to local and indigenous communities.
- The article makes the claim that natural gas and LNG production are incompatible with climate goals, however, this independent study found that switching to Canadian LNG can be 62% cleaner than Chinese coal power in a country that represents 28% of total global emissions. By providing the best in the world Canadian LNG to the global market, we can reduce global emissions.
Here is a story that gets it right
Nekaneet First Nation Chief Alvin Francis, president of Natural Law Energy isn’t backing down from the fight for Keystone XL. Natural Law Energy was working on a billion-dollar stake in the pipeline, but that has been kiboshed. He says that President Biden’s cancelation of the project also puts deals with Indigenous tribes to create jobs and economic growth off the table. According to Francis, TC Energy was working on joint venture partnerships with groups on the U.S. side of the border. He believes that part of that discussion with the Biden administration has to include the science around the pipeline that makes it environmentally safe and the ongoing need for oil and is hopeful that the project will eventually go through, politics aside.