ACTIVIST CLAIM: Stand.earth continues to push their misleading claim that the B.C. government is heavily subsidizing the natural gas industry with royalty credits.
THE FACTS: Tax measures to encourage natural resource development help boost the economy and creates jobs.
Here are some talking points and sources to counter the ENGO narrative of massive government subsidies.
- Stand. earth claims that the B.C. government gave away $1.3 billion in oil and gas subsidies in 2020/2021. However, the report only talks about $545 million of which $421 million are tax reductions, not subsidies.
- Deep well credits are a tax reduction to encourage companies to drill wells so the Province can receive more revenue while creating jobs. The companies do not receive money from the government and there is no liability to them. Companies still must pay.
- Natural gas development generates revenues for B.C. in other ways.
The province collected $2.6 billion in carbon and fuel taxes during the 2020/2021 fiscal year.
- This study by the Conference Board of Canada found that B.C. could $94 billion in revenues between 2020-2064 from natural gas and LNG.
Stories that get it right.
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