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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