A paper produced for the Business Council of British Columbia in 2010 stated:
“Since 2001, British Columbia’s natural gas sector has experienced nothing short of phenomenal growth…”
Mineral production in the province has also trended upward, as demonstrated by this chart, prepared from government statistics:
Despite this, government experienced one deficit after another and taxpayer supported debt rose to incomprehensible levels. At March 2012, BC Hydro owed more than $73 billion in direct debt and future energy purchase commitments.
So, if gas production experienced “phenomenal growth” and commodity prices have been through a cycle of high prices, I wonder why the natural resource revenues to government look like this:
Of course, the answer is that BC Liberals made choices to benefit its big business sponsors. Those organizations paid millions each year to the government political party. The rewards in return are measured in billions. When downgrading the province’s credit rating, Moody’s Investors Service found that the province’s growing debt and reduced revenue prospects could not be ignored.
If government remains committed to reducing the public’s share of natural resource revenues and relieving business of consumption and other taxes, we know where the burden lands. BC Liberals have shown no reluctance to pick the pockets of middle income taxpayers. This is but one example: