The energy industry has been up in arms since last week's release of the much-anticipated royalty review report, with one senior executive calling it "draconian," as stock prices drifted downward.
The Canadian Association of Petroleum Producers, which speaks for almost all the big oil and gas companies, said its thorough review of the panel's findings revealed "several fundamental concerns" that have a significant impact on the results and recommendations.
Greg Stringham, vice-president of markets with the producers association, said his Calgary-based group will release its findings to the Alberta government and the public early this week.
"The industry can hardly believe the extent of the changes" suggested in the report, Stringham said.
"And more fundamentally, it cannot understand how the panel can assume that these recommendations wouldn't affect activity levels, investment and future jobs in making their projections for future revenue increases."
Some oil analysts compared the measures to those taken in Venezuela and former Soviet-bloc countries, where royalty regimes change without warning, generating the mocking title of "Albertastan."
[This is hilarious. Almost all the oil companies, in their submissions to the panel, cited a 1997 study by Pedro van Meurs, an extremely well-respected specialist in the royalty regimes. In 1997 the he said Alberta's royalty system took too much from the producers, but what the oil companies didn't know is that the same guy, in 2007 doesn't take nearly enough! LOL & in Chevron's submission to the panel they even said Alberta isn't getting as much as they could, I could hardly believe that. I'm sure the multinationals could live with whatever changes take place. They've been nationalized & probably had their employees attacked etc in other countries, & the panel's recommendations aren't nearly that bad. The companies that would really have a problem with any changes are the small- to medium-sized ones that only do business on North America and would like to treat the US as just another Canadian province (or the other way around).
[Proofreader’s note: this article was edited for spelling and typos on September 25, 2007]
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"Stephen Harper was born in Toronto. He is the eldest of three sons of <br />
Margaret Johnston and Joseph Harper, who was an accountant at ***Imperial <br />
Oil.*** <br />
Harper attended Northlea Public School, while living at 332 Bessborough <br />
Avenue in Leaside. He later attended John G. Althouse Middle School and <br />
Richview Collegiate Institute (both in Central Etobicoke), while living at 57 <br />
Princess Anne Crescent. He graduated in 1978 as the top student of his <br />
graduating year with a 95.7% average, and represented his high school on the <br />
TV quiz and trivia show Reach for the Top. Harper then continued his <br />
studies at the University of Toronto, but dropped out after two months. He <br />
then moved to Edmonton, where he ***found employment at Imperial Oil in <br />
the mail room***. Later, he would move on to work on the company's <br />
computer systems. He then attended the University of Calgary, completing <br />
bachelor's degree in economics. He would return to the university later to <br />
complete a Master's degree in economics in 1993. Harper is the first prime <br />
minister since Lester B. Pearson not to have attended law school. His links to <br />
the University remain strong, and he has been a frequent lecturer there.<br />
Harper married Laureen Teskey in 1993. They have two children: Benjamin, <br />
born in 1996, and Rachel, born in 1999. Harper is the third Prime Minister, <br />
after Pierre Trudeau and John Turner, to send their children to Rockcliffe Park <br />
Public School, a public school in Ottawa. Stephen Harper occasionally <br />
attends church at the East Gate Alliance Church in Ottawa, a member of the <br />
evangelical Christian and Missionary Alliance."<p>---<br>See my art at http://cafepress.com/peaceangel
You want hilarious, the royalty system in Alberta is so complex that no one really knows how it works. Oil companies are on the 'honour' system to submit royalties accurately.
So, Alberta has hired an outside auditor to verify the cheques are accurate. For the last 15 years. Want to bet that they aren't? I see this as the way to get the Oil companies to shut the hell up and accept the new royalty rates.
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The preceding comment deals with mature subject matter, however immaturely presented. Viewer discretion is advised.
Wonder what would happen if the feds cut off the subsidies the oil companies get, never mind Alberta increasing royalties....
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"When you change the way you look at things, the things you look at change."
-Max Planck
The Dominion's Tar Sands issue is planned for October. They are asking for <br />
volunteers and donations, and are worth our help, I think.<p>---<br>See my art at http://cafepress.com/peaceangel
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The preceding comment deals with mature subject matter, however immaturely presented. Viewer discretion is advised.
<br />
Here's a little something to refresh your memory
<br />
<a href="http://www.oilsandsofcanada.com/show.php">http://www.oilsandsofcanada.com/show.php</a> - Slide show. <br />
<a href="http://en.wikipedia.org/wiki/Tar_sands">http://en.wikipedia.org/wiki/Tar_sands</a><p>---<br>See my art at http://cafepress.com/peaceangel