Taxpayers Shortchanged On Energy Revenues

A Pembina Institute report says oil and gas companies are being undercharged on royalties. EDMONTON (CP) - Governments in Western Canada are shortchanging their citizens by selling off rich oil and natural gas deposits to corporations too cheaply, says a new report. Governments are also making poor use of the non-renewable resource money, spending it on day-to-day programs instead of investing for the future, it says. "They are undercharging companies for the development of public oil and gas resources," says the report, released Tuesday by the Pembina Institute, an Alberta-based non-profit think-tank. "These developments come at the expense of the environment and current and future citizens of Canada." Oil and gas companies paid about $16 billion last year to Canadian governments through royalties, corporate income taxes and land sales. Nearly half of that, or $7.7 billion, went to Alberta http://www.mytelus.com/news/article.do?pageID=news_home&articleID=1689568