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Who needs a windfall tax? Oil and gas companies poured $48 billion into government coffers this year, says RBC

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Oil royalties and taxes are up an estimated 200 per cent this year to $48 billion proving Canada doesn't need a 'windfall tax' because it already has one, says an RBC report oilandgas cdnecon

Surging energy prices have propelled the taxes and royalties paid by public Canadian energy companies to around $48 billion this year, a 200-per-cent year-over-year increase, Michael Harvey, an analyst at RBC Capital Markets, the investment banking arm of Royal Bank, calculated.

In his research note, which was sent to RBC clients on July 19, Harvey said higher crude and natural gas prices were driving corporate profitability and setting the stage for higher royalties, taxes, and energy-related fees to all levels of government. Oil and gas royalties are typically based on sliding-scale formulas that see rates increase significantly at higher commodity prices.

 

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viraniarif We already have tax

For global oil: Demand growing, supply increases limited. Sounds an awful lot like the housing and rental markets in Canada. YET the public dialogue about these separate industry's dynamics differ wildly.

brokeboycap

The purpose of the Windfall Tax is to punish, most likely.

kinsellawarren Will that be enough to pay the interest payment on all the 100's of $Billions Trudeau borrowed?

Then explain this

PnPCBC ctvqp theJagmeetSingh yfblanchet ElizabethMay BlockedByButts ForwardForEveryone capp environmentca ClimateAction 🤮🤮🤮

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