There is one comparison that should be remembered by BC voters. It is this:
In fiscal year 2001, British Columbia took in $1,249,000,000 in natural gas royalties. According to the Bank of Canada, that is equivalent to $1,645,180,000 in 2016 dollars.
In fiscal year 2016, British Columbia took in $139,000,000 in natural gas royalties. That was the net amount after producers had taken credits of $320,000,000 in drilling and other subsidies. However, the balance of credits owed to producers grew by $520,000,000 in FY 2016 to $1,932,000,000. BC suffered a loss on gas production.
Under the system of accounting trickery used by BC Liberals, the almost $2 billion owed to producers under the credit program is not recorded as a liability. The number appears in footnotes to the annual financial statements. The credits program is almost never discussed by BC Liberals, except when they issue a press release drawing attention to their support of the gas industry in BC. However, those press releases never discuss the real extent of the subsidy programs, they mention only a small portion.
The above should lead you to the conclusion that natural gas producers are one of the Liberals’ protected groups of corporations. In the years before Christy Clark, BC relied on significant revenues from this segment of natural resource production.
Ms. Clark’s rise to the Premiership was sponsored by the BC gas industry – mostly owned outside this province – and the corporations were represented by Gwyn Morgan on her transition team.
The acquisition of Premier Clark is earning gas companies an outstanding return on investment.
Voters have a choice. You can vote to ensure the rich and powerful stay that way or you can vote for John Horgan who promises to make ordinary citizens the focus of government policies.
Categories: Natural Gas