Natural Gas

We're fracked!

British Columbia’s January 2020 sale of Petroleum and Natural Gas Rights returned $61,195 to the provincial treasury.

That ranks seventh worst in the 278 months since 1996. The best monthly sale produced 728 million in today’s dollars.

Eight of the last ten monthly sales of rights rank among the worst in 23 years.

Remember when mendacious BC politicians spoke of massive wealth from natural gas production?

Well, someone may have been planning to grow rich on a once-in-a-generation natural gas bonanza, but it was never intended to be you or me.

Obviously no influential person in Victoria believes in the Norwegian approach.

Years ago, international petroleum companies said Norway’s oil and gas industry would be crippled if it was more than minimally taxed. Norwegians told them to pay for the nation’s resources. They did.

The northern country of 5.4 million people now holds a wealth fund from resources worth C$1.52 trillion, which is more than C$1 million for the average family.

Revenue from BC’s petroleum and natural gas rights sales in the last 12 months amount to about $10 for the average family but, just as with all previous sales, none has been retained for future generations.

Categories: Natural Gas

8 replies »

  1. And then there is the 12 – 15 Billion dollar subsidy to fossil fuel industry in the financial cost of building a dam at site c on the Peace River that ratepayers of BC Hydro will pay for while the industry gets cheap power. Then on top of that the people of BC lose a river valley worth about the same amount if it gets flooded, and the valley then becomes a methane emitting swamp.

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    • Supplying natural gas and LNG development in BC with hydro-electric power means the natural gas previously used for powering those industries can instead be exported as LNG and burned elsewhere. Meaning no reduction in GHG emissions.

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  2. When tallying the worth of LNG to BC first you must subtract the huge subsidies paid to the LNG companies, the cost to build site C and also the loss of land caused by site C, and considering that it costs almost as much to frack LNG as it is worth if the world market price drops it is no longer feasible, and given the US supply of LNG BC could be pushed out of the market, then consider that the EU does not like LNG anymore and you could have a multi billion dollar boondoggle that could eventually bring in O revenue, and that is not even considering the environmental costs of fracking and the LNG processing plant. I think the big question for premier Horgan is why are you taking such a gamble with BC tax dollars.

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  3. under the crooked corrupt trudeau govt-(under trudeaus watch the federal permits for site c were issued)-the crooked corrupt bc govt of the day knew that site c would go ahead under trudeaus watch-crooked corrupt snc-lavalin put together the site c project plan-this took years to put together so all plans and permits would fall into place without any glitches- all the crooked corrupt corporations involved with the crooked corrupt site c project knew the project would go ahead thus planning there long term work planning-no company would get involved with site c not knowing if all the permits would be issued-crooked corrupt bc hydro knew all the permits would be issued also-the crooked corrupt fix was in and all climbed on board to fleece the bc rate payer of billions of tax payer dollars-and the total desicration of the peace river valley and its wildlife habitat-the crooked corrupt judicial system following suit by siding with the crooked corrupt corporations and crooked corrupt bc hydro-who is running bc the crooked corrupt corporations with all the politicians in their pockets-just follow the crooked corrupt money trail-mark meiers charlie lk bc

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  4. further comments on bc,s monetary plight

    –crooked corrupt christy clarks liberals gave away bc,s oil and gas for virtually no royalties next was bc,s water gave that away also for virtually nothing-reason the oil and gas corporations lobbied the govt to cut royalties so crooked corrupt clark bows to their wishes -our best most pristine drinking water follows suit for pumping down a completly un-recoverable hole in the name of fracking

    –an oil or gas corporation can apply for a short term water use permit-up to 2 years at specified locations and there can be a dozen different locations-the application to the ogc is free and once the permit is in place the applicant can use as much water as they want for nothing-nada-nix-no charge whatsoever whilest any rancher- farmer-forage hay grower or orchard pays 250 dollars for a permit and so much for water used

    –this is the crooked corruption that the bc politicians have set up—-to make matters even worse crooked corrupt john horgan gives the oil and gas corporations an even deeper cut on royalties and water is still free to pump down a totally irrecoverable fracking hole–and even worse crooked corrupt john horgan reverses his stand on shutting down the crooked corrupt site c dam project adding billions to the over inflated price and that dollar figure will rise exponentially more as time goes on and no one is accountable for these screw ups

    -cannot believe a word an elected official says cause as soon as they get a little bit of power they make crooked corrupt deals with the crooked corrupt corporations running bc all at the taxpayers expense-what will it take for people to wake up and see whats happening in bc

    –mark meiers–charlie lake bc

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  5. Site C: about costs: totally inflated production costs now at 11B$ and climbing. Add in the international finance rate of 6.5% going to the same 4 major contractors and in 30 – 50 Years. BC citizens get to pay the off-shore companies another 8 – 12 B. $$$$ NO economic investment benefits to BC: total loss of benefits if we had invested in Alt. Energy, affordable housing (reduces drug abuse reasons) education for all (free tuition even), health care … infrastructure.

    We’ve boon suckered!!! Time for a social revolution: With hold your coming Income Tax Payment: Stop paying the enemy to buy bullets and thugs to keep you in line! REVOLT! Stop paying

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