Why is provincial wealth leaking?

Dear editor,

It’s nice that a Canadian company, Cenovus Energy, has received approval to double the capacity of its Foster Creek thermal oilsands project to more than 200,000 barrels per day. What is not so nice, is that Cenovus will be shipping raw bitumen instead of synthetic crude oil to Conoco Phillips’ refineries in the USA.

Since bitumen sells, on average, for 60 per cent of the price of crude oil, we lose $28 on every barrel of bitumen we export that could have been sold at the current base rate of $70/barrel. So when Foster Creek reaches its new approved capacity, Alberta’s economy will lose $5.6 million a day to the USA. Now this is the case at $70/barrel. The oil price reached $147/barrel and will undoubtedly reach this level again; analysts are predicting that it will go over $200. So our loss could be doubled or tripled.

Building and operating an upgrader plant to process the bitumen produced from Foster Creek would create thousands of construction, service and manufacturing jobs. This would include 12,000 man years of construction employment, 2,500 man years of engineering design work for Alberta based engineering firms, 1,000 permanent jobs in operations and 3,000 jobs in supply, services and maintenance contracts.

Also, Alberta would receive an additional $100 million per year in provincial corporate income taxes.

It is time to stop this leakage of our wealth! The Alberta government must require all new bitumen production to be upgraded to synthetic crude oil in Alberta.

Len Skowronsky


Just Posted

Alberta Finance Minister says equalization program not working

Equalization formula fails Alberta again, says UCP

Stettler Board of Trade asks, gets $34,000 budget increase from town

Museum gets same funding as previous year, didn’t ask for increase

Donalda’s Curtis Cassidy win’s $26,230 at NFR

Big Valley’s Zeke Thurston bucked off

World Champion Saddle Bronc rider, Zeke Thurston of Big Valley consistent at NFR

Donalda’s Curtis Cassidy third overall and wins $15,653

Local cowboys Zeke Thurston and Curtis Cassidy have solid night at NFR

Big Valley’s Thurston has wild ride. Donalda’s Cassidy ranked number one steer wrestler in world

Girl opens Christmas present she gave to boy when she dumped him in 1971

Adrian Pearce, now a married father of two, received the small present from his highschool sweetheart

Liberal Party moves Trudeau fundraiser from military base

The fundraiser is scheduled for Dec. 19, with tickets costing up to $400

Federal government plans examination of coerced sterilization

The Liberals have been pressed for a rapid response to recent reports on the sterilizations

Huitema, Cornelius named 2018 Canadian Youth International Players of the Year

Huitema was captain of Canada’s fourth-place team at this year’s FIFA U-17 Women’s World Cup

Canada not slowing emissions from oil and gas: environmental groups

New report released at the United Nations climate talks in Poland

Goodale to ‘examine’ transfer of Rafferty to medium-security prison

Michael Rafferty was sentenced to life in prison in 2012 in the kidnapping, sexual assault and first-degree murder of Tori Stafford

Minister appoints former CIRB chair to resolve Canada Post labour dispute

Postal workers engaged in weeks of rotating walkouts

Omar Khadr to ask for Canadian passport to travel, permission to speak to sister

He spent years in U.S. detention at Guantanamo Bay after he was caught when he was 15

Missing B.C. man might be headed to Alberta

Jeremy Bauer, 40, was last seen on Dec. 6

Most Read