Oil Royalties

Big business makes me sick. The increased royalty tax on oil and gas in Alberta, proposed by premier Ed Stelmach is perfectly acceptable. Let’s just look at the basics. How much has oil prices jumped over the last 5 years? A LOT. More importantly the oil production in Alberta has also jumped exponentially, easily making big oil companies more than a billion dollars a years, which is by the way the price tag on the purposed oil royalty. A couple of companies have threatened to leave, which is an absolute joke. NO oil company would leave. A forced move would mean selling their stakes in the oil patch at a lower price and better consolidate their competitors in the area. So I would say to Stelmach, pull your socks up and increase the royalty’s its only fair.

This is what is proposed specifically;
"The new framework, set to take effect Jan. 1, 2009, is expected to deliver an additional $1.4 billion in royalties in 2010 -- 20 per cent more than initial projections under the old system -- but falls nearly $500 million short of what was recommended by the panel."

You tell me if it is fair to take a small percentage of profit away from the oil and gas industry.