Governments profit greatly from high oil prices

 Some good news

Vincent J. Curtis

29 June 22

RE: Profit overrides principle in the energy sector.  Op-ed by Dan McLean.  Published in the Hamilton Spectator 28 June 22.  McLean is a climate Activist with the Hamilton 350 Committee.

The article at reference reveals just how personally unhappy misanthropic Marxists are.  Nothing but evil everywhere, and everywhere triumphant.  Let deepen Mr. McLean’s depression for him.

Alberta just posted a $3.4 billion surplus for its 2021-22 provincial budget; quite a turnaround from the $18.3 Billion deficit originally forecast.  The 2022-23 budget was forecast to be balanced with oil priced at $70 per barrel.  The optimism in Alberta’s finances arises from oil being priced at or above $100 per barrel, and there is no reason in the foreseeable future for prices to fall.  Not with Joe Biden in office until 2025 and his promise to “eliminate” fossil fuels.  Effectively, this means no increase in domestic U.S. production.

Canada’s federal government also profits greatly from high oil prices, and you can expect the federal deficit to come in well below the $52 billion forecast.  Canada has the money now to replenish and reequip her military, and to lend a helping hand to Ukraine.

The irony is that the more profitable oil is to the federal government, the dumber it is to destroy it as a revenue source.

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