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