When Peter Lougheed became premier he raised oil royalties from 17% to 40%. Obviously this increased revenue and allowed the creation of the heritage trust fund. In 1980 the federal liberals decided they wanted a piece of the pie and enacted the NEP. The combined federal and provincial take from each barrel was enough that many companies went broke or left. When the price of oil bottomed out in the mid eighties the Feds abandoned the NEP.
This is when the Alberta government started lowering royalties to attract oil companies back to Alberta. So those people who vilify the Alberta conservatives for low royalties should look at the real culprit one Pierre Elliot Trudeau. His son is now here for round two. Have a good day :-)
This is when the Alberta government started lowering royalties to attract oil companies back to Alberta. So those people who vilify the Alberta conservatives for low royalties should look at the real culprit one Pierre Elliot Trudeau. His son is now here for round two. Have a good day :-)
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