November 23rd, 2017

Alberta Heritage Fund not what it could have been


By Letter to the Editor on July 30, 2017.

The history of the Alberta National Energy Program, as reported in the Alberta Views magazine – “The Alberta Disadvantage.”

The Alberta Heritage Fund and the Alaska Permanent Fund were created in 1976. Alaska by law must invest 25 per cent of all oil and gas sales into the fund, plus paying every citizen $2,000 a year.

Alberta commenced investing 30 per cent of all gas and oil sales into the fund from 1977-1981, then investment dropped to 15 per cent from 1981-1987, at which time investments ceased and all interest earned by the fund went into general revenues and was spent.

The value of the Alberta Heritage Fund as of 2015 was $17.4 billion. The value of the Alaska Permanent Fund as of 2015, $72.3 billion. Norway invests 100 per cent of all gas and oil revenues into their fund and as of 2015, it was $1.2 trillion.

Had Alberta collected a 30 per cent share of oil and gas sales since 1971 and invested half of those revenues into the Heritage Fund, today it would be $481 billion.

After 43 years of Conservative governments’ mismanagement, there is but one solution and that is to join all other provinces and introduce a provincial sales tax.

As Jim Prentice told Albertans the truth – “look in the mirror.”

Mel Godlonton

Lethbridge

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4 Responses to “Alberta Heritage Fund not what it could have been”

  1. Fedup Conservative says:

    So what happened ? Gullible Albertans, sadly many seniors, believing every lie that Ralph Klein, a well known Liberal fed them. While he deliberately helped his rich friends clean Albertans out of their oil wealth he destroyed our health care and education systems and dumped the power industry costs onto the backs of the people and these fools let him do it.

    Now we have the Reform Party boys doing exactly the same thing. Promising our foreign investors that by not increasing our royalties to get us out of this mess they will help them screw us out of more of our money and of course Jason Kenney just happens to be another former Liberal and these fools are believing every lie he tells them.

    Brian Jean claims that Notley is responsible for the loss of 100,000 jobs in Alberta. You should hear what the oilmen in Edmonton think of that lie. The oil industry crash happened in 2008 , long before Notley came to power.

    He claims Trudeau and Notley created the Carbon Tax to steal the people’s money. Really when it was created by the oil industry and has been in place in B.C. since 2008 and working well, long before Notley or Trudeau came to power. It was created to show the world that we are trying to do something about our pollution in order to open up new markets for our oil. So why are these Reform Party boys trying to stop it, like Harper did? It’s just a mind game they are playing with the fools who are dumb enough to believe that it’s Notley and Trudeau’s fault.

    Jean is also using the Klein lie that we are broke because we have had to send billions of dollars to Ottawa in equalization payments. Alberta has never paid a penny to Ottawa in equalization payments, it comes out of the Federal Taxes paid by all Canadians.

    So how are they going to get us out of this mess they put us in by giving away our oil wealth and tax breaks to their rich friends? By dumping the cost of health care onto the backs of the people, like their hero Klein tried to do with his Third Way and did with the power industry and we are suppose to be dumb enough to let it happen. So are going to be their village idiots or are you going to help us true conservatives stop this insanity?

  2. Fedup Conservative says:

    Mel It wasn’t 43 years of conservative government mismanagement it was 25 years of the Klein, Stelmach and Redford governments mismanagement . Lougheed and Getty had us on the right track, unfortunately the oil crash in the 1980s, that I was heavily involved in, left Alberta with a $23 billion debt. Klein without using any common sense paid it off very quickly off the backs of the people and created a worse mess a $42 billion infrastructure debt as Ed Stelmach pointed out when he took office. They left us short 55 schools in the province we were told and a huge shortage of hospital beds.

    Now the Wildrose and Conservatives are bad mouthing the NDP for taking us further into debt to create jobs, build schools and hospitals, just let the stupid people do without is basically what they are saying. Ignoring the fact that they were the one who created the situation. How stupid do they think we are, sadly they know it , Albertans allowed it to happen. As Mel says look in the mirror. If the NDP can get us back up to the Lougheed levels of taxes and royalties, when this crash is over, this debt can be paid off in a short time as Mel has pointed out with his figures.

  3. biff says:

    i recall when 20 dollar oil kept us afloat, 40 was a cash cow. now, 80 to roughly break even. the royalty system has been a joke, a massive corruption. it was engineered to enable the oil barons to keep toying around with “development” in order to minimize what level of royalty they were to pay to albertans. essentially, the least amount was most often returned per barrel. moreover, we are left with the legacy of the massive costs of pollution, environmental degradation, and abandoned wells. the real kicker will be when the giant gobs of toxic sewage, euphemistically called tailings ponds, inevitably leach and breach. to be sure, this is not a pc/lib/ndp…problem, it is a systemic one. our political system is corrupt, in alberta and nation wide. we need a system overhaul, real oversight, and each is long, long overdue.

  4. Fedup Conservative says:

    You got it biff and while us true conservatives desperately tried to vote out Klein and put a stop to what he was doing to us these mindless seniors called us Traitors, Communists , Left-wing nuts, or Closet Liberals showing how stupid they really were. While they called themselves Conservatives they supported a Liberal. Now they want to do it again Kenney is another former Liberal pretending to be a conservative, just like Klein.


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