Thursday, September 26, 2013

Taking care of business (friends)


Source: 2013 June Budget Fiscal Plan, Table A9 Revenue by Source (Page 120)

From Auditor General reports, we know that natural gas revenues reported by the province did not account for the increased liability for credits owed gas producers. From the most recent audited financial statements of British Columbia:
"The province offers credits for certain costs incurred by producers including the deep well, road and summer drilling programs. Deep well credits of $913 million (2012: $752 million), road credits of $12 million (2012: $16 million) and summer drilling credits of $9 million (2012: $6 million) have been incurred by producers and will reduce future natural gas royalties payable when wells go into production."
If the increase of the liability to gas producers had been offset against natural gas royalty income, the numbers for the last three years would be this:


In the three years from April 1, 2010 to March 31, 2013, the actual net royalties received from natural gas producers in BC amounted to $63 million.

You're (edited) not likely to read or hear about these numbers in the obedient corporate media. They're too busy telling us about Adrian Dix's fatal flaws or about how business wants to rename and restore the HST.

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18 comments:

  1. Thanks, Norm. The headline can be applied to the pending giveaway of the LDB. Thank you Bob Mackin, the only journalist left in this province. Crony capitalism, alive and well in our little backwater. Thank you, low info voters, enjoy the next 4 years.

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    1. And, don't forget, the pigs are back feeding at the Pavco trough. The BC Liberal friends behind the BC Place casino project went away to reload. Now they're back, seeking more and offering less. We can thank the Minister of Graft and Corruption. Now he's on the LNG file. That will cost us big time.

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    2. Don't forget his new ADM,Fizal Mihlar. A good lackey via the Van Sun and Fraser Institute. Where's Tony Soprano when you need him?

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  2. Nice illustration again Mr. Farrell. At this rate Coleman will have us paying the producers to grace us with their presence.........oh wait a minute. We are already. One only has to look at Alberta to see what low royalties bring to provincial finance

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  3. Corporate welfare at expense of BC citizens.Watch Alberta royalties drop.

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  4. Funny they can build a huge casino downtown for a paltry 3-4 hundred million and the new bridge replaceing the tunnel is gong to cost how much???!!!!!!!!

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  6. This chart is slightly misleading as the average price of natural gas has also come down significantly over this time period:

    http://www.cga.ca/.../02/Chart-3-Natural-Gas-Price18.pdf

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    1. It is idiotic to say this chart misleads. You should have said it is embarrassing, to both the industry and the government that has been claiming that natural gas will pay off $65 billion in public debt.

      With credits given producers for for deep drilling, summer drilling and road building, the province has earned nothing - zero - in royalties during the last two fiscal years. All of us who struggle to heat our homes with natural gas know that it is anything but worthless.

      When our landlord expects the rent each month, he doesn't ask us if our income is up or down. The owner wants payment if we are going to use the asset.

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  7. and the golden ears bridge loses45 million dollars a year .!

    http://www.straight.com/blogra/431741/news-youse-golden-ears-bridge-subsidies-dix-files-rcmp-complaint-deficit-rises-and-canucks-win

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  8. It is incredible that the travesty the BC Liberals calls governance, continues.....how long do we as taxpayers have to put up with this?

    Over at AGT, interesting developments in potential allegations of bribery during an election and before....just keeps getting worse, what can the average citizen do about this nonsense?

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    Replies
    1. Stock up on tar and pitchforks....and wait for the wave of outrage.

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  9. From what I understand Australia is backing away from over 40 billion in projects devote to LNG exploitation. The U.S. and most south Asian suppliers have mature infrastructure in place, and are watching the price fall, with the rest of us.
    Christy must be getting her Intel from people that are way behind the curve on the LNG topic, not to mention the industry knows "mark" when they see one. Living in a "fools paradise" is what the BC liberals are doing, if they think a "heritage fund, a la Alberta, is in the works for BC.

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  10. Ladies and gentlemen the LIbERalS know exactly what they are doing. The plan is to "create failure" with every public utility and the MSP so they can sell it off to their friends. The benefit for our "elected" officials comes after politics as they get appointed to boards or receive some other gratuity.

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  11. Christy Clark lied, deceived, thieved, is corrupt and used every dirty tactic in the book to be re-elected, just as Campbell and Harper did.

    Christy and Harper's governments seem identical to me. Both of them used tax dollars, for their bogus TV ads on their, economy and job action plans. Both Harper and Christy misled and lied to, the Canadian and BC citizens. Harper prorogued Parliament. Christy prorogued Legislature. Harper attended 5 days in Parliament, in 6 months. I don't even remember when, the BC Legislature was last in session? Whenever Campbell had to have the Legislature sit, he would run away to a foreign country.

    There is a NG glut in many countries. China would likely take the NG as long as, China can use their own cheap labor. This is the same as Harper permitted China to do so, at the tar sands.

    When will there be and LNG plants on line? 2020, or who in the hell knows when? Christy certainly doesn't know? Christy campaigned on lies, as usual for the so called BC Liberals. Remeber? The BCR wasn't for sale. The HST wasn't on Campbell's radar either.

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  12. Shame on you Norm! Of all people I would think you would know the difference between 'your' and 'you're'. Alex GT blamed it on 'fat fingers' . I think its more indicative of 'lazy thought processing'. That's why I thought you'd be 'way ahead on this,
    Still love your blog. And I forgot how to sign off, even though you helped me once, long ago.
    John's Aghast

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    1. A writer editing his own work is like a lawyer doing his own legal representation. Often, I read something before posting and it looks ok. Then, I read it a day later and notice obvious errors of structure and grammar that I had previously failed to notice. Our own proofreading is not helped by reliance on spell checkers that don't know if words - like 'your' - that are correctly spelled are being used incorrectly

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  13. Exactly what will those 100,000 jobs entail? Do we have close to 100,000 people looking to fill those vacancies?
    Suppose 50,000 0f those were Timmy Horton positions. And suppose they paid, say $30/hr. Do you think for a moment there are 50,000 Timmy employees willing to relocate? Where would they stay/live?
    Suppose the other 50,000 were construction workers/manages/foremen/whatever. What would they do? Where would they stay? Where would they come from? (We can't find competent operators in the Hinterland, and nothing is happening here!!!!!!)
    Oh, I know. Joint venture with the Chines Gov't and Parks Canada, put them up in tents and pay them $4.00/hr That'll get 'er done. GOD SAVE THE QUEEN! And all the rest of us too!!!
    John's Aghast!

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