CORRECTION: EVER SEE A LOT MORE THAN A TRILLION $$$ ? MY ESTIMATES WERE LOW - MORE LIKE $2-3 TRILLION TOTAL ECONOMIC BENEFIT TO CANADA - sorry 'bout that...
When I was ~40, I initiated several key concepts that revitalized the moribund Alberta Oil Sands industry. Total 2000-2024 spending in the Alberta oilsands topped $1 Trillion.
MY COMMENTS
I PUBLISHED THE FOLLOWING ARTICLE ON 1AUG2024, WHICH INCLUDED DOCUMENTARY PROOF OF MY INITIATION OF IMPORTANT NEW TAX AND ROYALTY TERMS FOR THE ALBERTA OIL SANDS, A PLAN THAT REDUCED UNIT OPERATING COSTS FROM $18 TO $12 PER BARREL, AND A STRATEGIC PLAN THAT WAS IMPLEMENTED WITH OUTSTANDING SUCCESS.
A NEW ARTICLE IN THE EDMONTON JOURNAL JUST ANNOUNCED THAT SPENDING IN THE ALBERTA OILSANDS JUST TOPPED ONE TRILLION DOLLARS FOR THE 25 YEARS 2000 TO 2024. THAT DOES NOT INCLUDE ALL SPENDING, AND MORE IMPORTANTLY DOES NOT INCLUDE THE CONSIDERABLE PROFITS FROM THESE INVESTMENTS.
EXCERPTS FROM THE EDMONTON JOURNAL ARTICLE:
This number does not represent profits or dividends. It is the amount of direct spending – the capital, the operating expenses, the taxes and the royalties – that Canada’s most important industrial activity has injected into the economy over a period of about 25 years.
The trillion dollars in spending has bolstered the Canadian economy in hundreds of ways, but a few are worth highlighting. Over $107 billion in royalties and $79 billion in taxes have been paid to Canadian governments, representing more than the last five years of Canadian defense spending.
Billions in goods and services have been procured from Indigenous businesses, and tens of billions from the manufacturing sector in central Canada. Far from just an Alberta success story, the oilsands are a quintessentially Canadian sector. More than 2,300 companies outside of Alberta have had direct business with the oilsands, including over 1,300 in Ontario and almost 600 in Quebec.
If anything, the trillion-dollar figure is conservative. It does not include third-party handling, tankage or pipeline spend (the cost of TMX, for example). And it does not include IT, corporate, research and development, diluent costs or the indirect spend that impacts countless firms across the country. These add tens of billions more to worker paycheques, small business profits, and taxes.
The remarkable reality is:
Most Alberta and federal politicians have no clue how this moribund, failing industry was revitalized Most politicians have done nothing but harm to the oil sands industry, and they have squandered the multi-trillion-dollar benefits of the industry with their woke ignorance of science, technology and common sense.
The last politicians to provide Canada with beneficial economic and energy policies were Alberta Premier Ralph Klein and Prime Minister Jean Chretien, aided by Minister Anne McLellan. Other politicians since then have done nothing of significant value, or have been stupid and destructive, destroying my tax and royalty regimes and implementing unscientific Green Energy and CO2 abatement measures that have squandered trillions and done great harm to humanity and the environment.
Following is my original article from August 2024.
Regards, Allan MacRae, Calgary
EVER SEE MORE THAN A TRILLION $$$ ?
FOLLOWING ARE REDACTED COPIES OF THE ORIGINAL HISTORIC DOCUMENTS THAT I WROTE TO TURNAROUND THE ALBERTA OIL SANDS AND INJECT MORE THAN A TRILLION DOLLARS INTO THE CANADIAN ECONOMY
Allan MacRae Aug 01, 2024
https://allanmacrae.substack.com/p/ever-see-more-than-a-trillion
TODAY I EMAILED COPIES OF THESE FOUR HISTORIC DOCUMENTS TO ALBERTA PREMIER DANIELLE SMITH AND SELECTED CABINET MINISTERS, SUGGESTING THAT THEY SHOULD READ THESE DOCUMENTS, TRY TO UNDERSTAND THEM AND EMULATE THEM. WE CAN RE-CREATE OUR FORMER PROSPERITY IN ALBERTA.
WE JUST HAVE TO FOLLOW TRUE SCIENCE, NOT LEFTIST POLITICAL FICTION.