We Should Have A Fund Like This

Posted on Tuesday, June 01 at 15:41 by N Say
The "it" in question is a special fund in the billions of dollars, the interest from which goes to pay for public programs to the tune of hundreds of millions of dollars each year.

The funds go by different names. To the north it's the Alaska Permanent Fund. To the east in Alberta it's the Heritage Fund. And, on the other side of the Atlantic, it's called the Norwegian Government Petroleum Fund.

In all three cases, big oil is behind the big funds. Not willingly, but as a result of conscious decisions by governments to hive off portions of the ballooning revenues generated by the exploitation of their oil and gas reserves and channel them into special funds that benefit local residents both today and tomorrow.

British Columbia has nowhere near the reserves of natural gas and oil that Alaska, Alberta or Norway has, but there are clearly a lot more revenues flowing from the province's northeast energy patch today than there were just five years ago. And if you go back 10 years, the increases are almost off the map.

Which has some wondering why the B.C. government isn't putting a sizable portion aside for a rainy day, or a future made $9 billion dollars more sustainable.

Here's the rest!

Note: Alaska Permanent Fund Heritage Fund Norwegian Government Pe... Here

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Comments

  1. by avatar Milton
    Wed Jun 02, 2004 3:11 am
    Heritage fund, BS fund, lay off teachers, charge for health care, P3 here P3 there, sell everything that makes money and congratulate King Ralph for getting rid of the deficit that never would have existed in the first place if we had paid the bills instead of sinking money into the heritage fund rathole.

  2. by N Say
    Wed Jun 02, 2004 3:36 am
    It says they haven't sunk money into the Heritage Fund rathole since 1987 though. Maybe they shouldn't have sold off everything that made money.

    ---
    "We can only see a short distance ahead, but we can see plenty there that needs to be done." - Alan Turing

  3. Wed Jun 02, 2004 3:53 am
    Creating a fund like this would imply that the present government actually has some concern for the welfare of the citizens of BC.

  4. Wed Jun 02, 2004 1:21 pm
    I think if the National Energy Policy of the early 80`s were allowed to work, all of Canada would have been debt free by the mid 90`s!

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    Dave Ruston

  5. Wed Jun 02, 2004 4:12 pm
    BC has the most expensive 'public services' -if you can call them that - in the country, maybe one day they'll balance all the books, but creating a fund by borrowing more money doesn't make sense. And they would have to borrow, there's not enough revenue from oil & gas. Would a reasonable person use a credit card to create a savings account? Obviously not.

  6. by N Say
    Wed Jun 02, 2004 6:10 pm
    The FTA was about rolling back the NEP. Definitely too bad we don't have it anymore. Gas prices definitely wouldn't be as high as they are now.

    ---
    "We can only see a short distance ahead, but we can see plenty there that needs to be done." - Alan Turing

  7. by RPW
    Sun Jun 06, 2004 9:38 pm
    The NEP would have worked had the Liberals under Trudeau not attempted to make it a one-way transfer, west to east. Albertans are not so much against the NEP because they got screwed out of so much money, but because there are those who live in Alberta who remember that, when oil came in, it was left to the Americans to come up with the cash to develop. Bay Street wanted nothing to do with it. Then, with the oil a-flowin', and OPEC cranks up the price (the east brings in significant quantities of oil from OPEC - go figure!), the East hatches a grand plan to actually use Canadian oil! But not at OPEC prices.

    As to whether gasoline would have been cheaper had NEP worked, I highly doubt it. The only way to get cheaper gasoline prices is to lessen dependency on it. We need alternate fuels to throw the market wide open. Of course, that means we need new engine systems as well......

    ---
    RickW

  8. by N Say
    Mon Jun 07, 2004 2:44 am
    I don't get how people can say that the rest of the country had been supported on the back of Alberta. I live in BC & nobody seems to think that when it comes to lumber, the rest of the country's lumber needs are supported on the back of BC. Or when it comes to french fries the french-fry needs of the rest of the country (& the world) are supported on the backs of New Brunswickers. I don't get it. It sounds like selfish Alberta separatism to me. :-( Too bad NEP was killed in its infancy, it would have made Canada basically a miniature OPEC if it was only given a chance. (Organisation of Petroleum-Exporting Canada!) No wonder it freaked out the Americans! <p>---<br>"We can only see a short distance ahead, but we can see plenty there that needs to be done." - Alan Turing

  9. Mon Jun 07, 2004 4:44 am
    I really believe that the Alberta against the rest attitude was created just like the Quebec against the rest, for the benefit of politicians and if you can keep Canadians fighting within we won't notice the invaders. Consider the time and energy we spent trying to keep Quebec in confederation, and the energy Quebecers used trying to be acknowledged. Prior to the politicians raising the issue we were fairly happy and prosperous. When you use your creative energy infighting you can't develope innovative ideas, produce and progress.

    So the sooner we start appreciating each other the sooner we can head to the future stronger and develop good policies for everyone! We have a great country, not just great provinces, collectively we are the absolute best country in the World, separately we are just 10 provinces and 3 no- 4 territories.(Just formed a new one). Let's start thinking like winners instead of second rate, comparing ourselves to somebody else all the time, because frankly in my opinion, there is none to compare.

    ---
    If I stand for my country today...will my country be here to stand for me tomorrow?



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