This is a news compilation setting the record straight on the day’s top stories about the oil and gas industry.
Trans Mountain received $320 million in government subsidies this year and more than half of that was not clearly disclosed to taxpayers, report says
Yesterday, the Institute for Energy Economics and Financial Analysis (IEEFA) released a report calling into question the accounting procedures of the Trans Mountain Pipeline. The IEEFA is a group funded by foreign foundations such as the Rockefeller Brothers Fund and William & Flora Hewlett Foundation(notable for their participation in the ‘anti-tar sands’ campaign)
Here are some facts to subsidize your knowledge:
- Millions from the IEEFA’s funders have also been used to attack the Canadian oil and gas industry.
- Multiple Canadian experts have called the think tanks analysis into question regarding their loose usage of the term subsidy, calling it problematic.
- Despite these operational costs, the Government of Canada is still collecting taxes off of the project.
- These taxes will be used by different levels of government to provide for their citizens and improve their communities.
This report is clearly a biased financial analysis of a government crown corporation rather than a fiduciary examination of the risks to Canadian taxpayers. This is just another attempt from foreign influencers to sway a debate that the majority of Canadians have already made up their minds on.
The impacts of job loss in the oil patch are much more than economical.
- Suicide rates in Alberta and Saskatchewan spiked 30% and 19% respectively between January and June 2015.
- Jobs in Canada’s oil and gas sector declined 23% since 2014.