Big oil rips off Canada. Is Canada a third world country?

[bucket]

Oilmen just played the premiers off each other because western Canada has had a lot of stupid premiers that don't know better. ...

It's always been the best strategy to threaten to leave the province. ...

[sawfly1]

exactly. in the end romanow blinked, had too for the sake of the province.
they just were too dumb in alberta to clue in.
that they were needlessly giving it away.

sask lost because we did not get the early development.
it was a good party for wall , 100$ oil
for a while.
and to show that the lowest royalty is the law .
wall , tried to steal the business from alberta, when the NDP got elected there.

just plain dumb

[bucket]

Wall begged the oil industry to come to Saskatchewan. ...don't you remember the letter writing campaign he did along with the perks he was offering up.....and to pay for those perks he taxed insurance premiums....

[the big wheel]

And so now they have enough people trained in sask and Alberta f you don't give it for nothing we ll go to
The next one. People with the oil jobs get stupid wages which is good I guess. But everyone else pay for it then and long after they leave. And so many with those jobs ended up foreclosed because it was too easy to get. Families destroyed drugs crime. And some worship
The ground of the industry while they were on the inside. But there really ought to be a considerate thought about how this all needs to play out for everyone and it can happen just need leaders with both brains and balls.

I would hope someone is investigating who got free shares in those companies to use the rest of us.

[sawfly1]

first lesson of business is , cutting prices destroys profits.
you do not see the price of canola seed, go down,
the companies have discipline. and they just go up.
not alberta and now sask. just cut each others throat.

and we did have an oil co. Sask oil . that could have returned like Norway's state oil co .
but no , think it was devine devine sold it off. just like potash

then you wonder why you're going broke.

[chuckChuck]

Norway's advantages are
1. The nation state owns the resource not the provinces so you don't have provinces competing against each other.
2. There was less resistance to state ownership and development of the resource by Stat Oil.
3. State ownership of Stat oil allows for the government to negotiate a hard bargain and then partner with private industry if necessary because if oil companies threaten to leave they lose out and Stat oil is there to fill the void.

Our proximity to the USA and the political and business influence of the USA and our irrational aversion to State owned companies pushed us politically to privatize development and investment in the oil and gas sector.

The short story is there was a lot of excess profit to be made and the oil industry lobbies hard to make sure they get the excess profit not the citizens.

It has been a golden opportunity that we have largely missed. We may have never duplicated Norway's experience but after all is said and done we have little to show for our massive reserves.

[Hamloc]

Norway's advantages are
1. The nation state owns the resource not the provinces so you don't have provinces competing against each other.
2. There was less resistance to state ownership and development of the resource by Stat Oil.
3. State ownership of Stat oil allows for the government to negotiate a hard bargain and then partner with private industry if necessary because if oil companies threaten to leave they lose out and Stat oil is there to fill the void.

Our proximity to the USA and the political and business influence of the USA and our irrational aversion to State owned companies pushed us politically to privatize development and investment in the oil and gas sector.

The short story is there was a lot of excess profit to be made and the oil industry lobbies hard to make sure they get the excess profit not the citizens.

It has been a golden opportunity that we have largely missed. We may have never duplicated Norway's experience but after all is said and done we have little to show for our massive reserves.

We did have Petro Canada which I believe the Chrétien Liberal's sold to private interests to help pay down Canada's debt. That would be the debt mostly accumulated by Pierre Trudeau and Brian Mulroney, both financially inept.

[Horse]

Back in Ralph time he said we don't need to get royalties, the worker are well paid so we will just tax them, that was a quote Mabry not word for word but the message was the same
Now I wonder how many of those kids living in dads basement you all talk about are oil workers waiting for that $500/day job to return??

[grassfarmer]

Except we have the highest drilling and production costs in the world.

Well no, actually we haven't but why spoil another good story with some facts?

[URL="http://graphics.wsj.com/oil-barrel-breakdown/"]http://http://graphics.wsj.com/oil-barrel-breakdown/[/URL]

[danny W1M]

Integrity_Farmer, chucky, sawfly, bucket et al,,,,,

Seems to me we should be slashing the oil royalty in half if we're only going to produce oil for another ten years. Better get it out of the ground now and take the dollars while we can, before it's stuck in the ground forever! Liberals and leftists would be happy to tout 20% royalty or higher,,,,20% of nothing that is, if nothing is being produced.

Why in ten years, semis will be running off the solar panels mounted on the roof and hood, and once driving down the road, a windmill will pop up to create even more energy, so when you arrive home you can plug your house into your truck, instead of the other way around.

Better get the oil out of the ground now, take the royalties you can, cause soon there won't be any demand for oil! haha

Sask and Albt would have plenty of cash reserves Chucky, if we did have to send it to cue-beck every year, what an eiffing ripoff.

[Klause]

Well no, actually we haven't but why spoil another good story with some facts?

[URL="http://graphics.wsj.com/oil-barrel-breakdown/"]http://http://graphics.wsj.com/oil-barrel-breakdown/[/URL]

When are you going to realise I fact check what I post...


. Remember our oil is sold at a discount to WTI price. All the countries on that list sell at or near BRENT price.

Those prices also don't include the costs of getting it to market.

But what do I know. Let's tax the shipping out of everything because that way we will all be rich.

Plus add regulatory hurdles and the fact (as usual) that we have little export infrastructure to bring the product to market.

[Hamloc]

I have a question, why do those of you who appear to lean left of center hate oil and the oil industry so much. I look at Alberta, we have close to the highest average wages in Canada, close to the highest if not highest labour participation rate and over the last 20 years are the largest contributor through our federal taxes to federal equalization payments. I have many neighbours that worked on the rigs for many years which enabled them to buy land and farm. We have developed many improved production technologies in oil production. To me the oil industry in western Canada is a good news story that the left constantly attacks, please explain why! When it is -40 and my natural gas furnace kicks in and heats my house or I hop in my truck and go for parts I am very thankful for oil and all the comforts it brings!