Title : A Look At How Canada's Oil Industry Was Crushed By Deliberate Government Policies
link : A Look At How Canada's Oil Industry Was Crushed By Deliberate Government Policies
A Look At How Canada's Oil Industry Was Crushed By Deliberate Government Policies
Gwyn Morgan, Financial Post: A great national energy champion is leaving Canada, thanks to Trudeau
An giant energy company, with headquarters here and invulnerable to takeover, had become a reality. No more; now, they call it 'headquarterless'.
My belief in the importance of Canada-headquartered companies goes back to the early 1970s when, as a young engineer, I joined the Canadian subsidiary of a Nebraska-based oil and gas company. While I was treated well and given substantial responsibility, I yearned to work for a company where the decisions were made in Calgary, not Omaha. That opportunity came with a new startup called the Alberta Energy Company. I joined AEC to head the building of the oil and gas division.
The company grew quickly. But five years later, the entire oil and gas industry was struck a huge blow by Prime Minister Pierre Trudeau’s National Energy Program that capped oil prices below world levels and slapped a confiscatory tax on the gross revenues of energy companies. Canada-headquartered companies were supposed to benefit from cash grants, provided we shifted our drilling to federally owned lands. But most of those lands were in the Arctic where drilling costs were prohibitive and access to pipelines non-existent. After the Mulroney Conservatives killed the Trudeau policies in 1985, AEC got back to the job of company building.
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WNU Editor: Gwyn Morgan focuses on what Prime Minister Trudeau's government has done, but the Socialist provincial government of Alberta is just as culpable with its own set taxes and regulations. And with no means to transport Canadian oil to markets (because pipelines have been cancelled), the current price for a barrel of Canadian oil is around $14/barrel vs. OPEC's price of $62/barrel today). On a bright note. The Socialist government in Alberta will be defeated in next year's election, and Trudeua's Liberal Party is going to be wiped out in Alberta and in Canada's other oil provincial province of Saskatchewan when Canadians go to the polls next year.
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