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.
Government lackies won’t bite the hand that feeds them. They don’t even pretend to work for the public anymore.
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Who needs a windfall tax? Oil and gas companies poured $48 billion into government coffers this year, says RBCRBC analyst says taxes and royalties paid by public Canadian energy companies have increased 200% this year. Read more and they took out more than 10 times that. shills Unhappy about $2/litre + gas? Jonsing to squawk online about it? Best to direct your “outrage” at climate warriors, Putin, and last but not least👇. cdnpoli gasprices Man O Man who would of guessed the the big banks would defend big oil ? What say you CPC?
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