VICTORIA — Green leader Andrew Weaver is again questioning a well-drilling incentive for natural gas that has already reduced provincial revenues by billions of dollars, with billions more still to be claimed.
When Doyle’s successor, Carol Bellringer, weighed in five years ago the credits had multiplied 20-fold. Nor is that the full story of how the credits have impacted government revenues, as Weaver underscored in the legislature Tuesday. The letter confirmed and added to information Weaver himself had collected since he first began asking about deep well credits in the fall of 2017.
Third, by expanding the credits to cover a growing share of production, the province set up an enormous drain on its own royalty revenues. This: “The program, originally devised in 2003, has directly reduced gas producers’ existing and future royalty liability to the Crown by nearly $6 billion.”
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