Albertans own their oil and gas resources, a fact enshrined in Canada’s Constitution thanks to the leadership of the late former premier Peter Lougheed. As owners, Albertans need to know they can make choices that get our oil sector back on track.
While media reports focus on companies losing profits and governments losing billions of royalty and tax dollars, individual Albertans could be forgiven for thinking they are passive victims of an economic disaster beyond their control.
Albertans, and all Canadians, are certainly victims. The federal government’s failure to build pipelines means, in some cases, Canada’s energy is selling for 75-per-cent less than American oil and costing producers, Alberta royalty income and corporate tax revenue $100 million every day.
U.S refineries are buying up Alberta’s oil, dirt cheap, and turning it into full priced U.S. products and profits. Thanks to our failed energy policy, President Donald Trump’s economy is benefiting from cheap Alberta oil.
The oil discount has left Alberta companies no choice but to shift capital investment south of the border. So not only do American refiners make billions in profits buying cheap Canadian oil and selling it at international prices, Canadian jobs are also exported to the U.S. as well.