ACTIVIST CLAIM: United Nations’ boss calls for windfall tax on oil and gas companies claiming that their revenues are immoral during an energy crisis.
THE FACTS: In Canada, government policies not only helped create high energy prices, but they’re also a beneficiary of them.
THE SOURCES:
‘Grotesque greed’: immoral fossil fuel profits must be taxed, says UN chief
Here are some facts and sources to have a reasoned conversation about oil and gas taxes.
- On average, 44% of the cost of a fill-up will go to government pockets by 2030.
https://www.taxpayer.com/media/Gas-Tax-Honesty-Report-2022.pdf - The federal government is expected to bring in a second carbon tax called the Clean Fuel Standard. This could add up to 13 cents per litre of gas by 2030 on top of the 40 cents per litre expected from the carbon tax in 2030 at $170 a tonne.
https://torontosun.com/opinion/editorials/editorial-the-costly-second-carbon-tax-has-to-go
https://www.taxpayer.com/media/Gas-Price-Carbon-Tax-Hike-CTF.pdf - According to RBC, oil and gas companies will pay $48 billion to governments in 2022, a 200% increase from 2021. Royalties and taxes are estimated to reach $64 billion in 2023.
https://financialpost.com/commodities/energy/oil-gas/who-needs-a-windfall-tax-oil-and-gas-companies-poured-48-billion-into-government-coffers-this-year-says-rbc
- Canada’s energy industry paid over $505 billion in federal, provincial and local taxes, and royalties, since 2000.
https://www.canadianenergycentre.ca/72-facts-about-oil-and-gas-a-summary-research-brief/ - This year of “windfall” profits follows half a decade of losses. Between 2015 and 2020, the Canadian oil and gas industry lost a collective $137.6 billion.
https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=2510006501&cubeTimeFrame.startYear=2015&cubeTimeFrame.endYear=2020&referencePeriods=20150101%2C20200101
Stories that get it right:
Jivani: The collateral damage of Trudeau’s war on climate change
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Recently, Canadian farmers and Indigenous community leaders have been voicing their concerns over how the war on climate change is impacting their businesses and economic prospects.
