The Big Four oilsands companies' influence threatens Alberta democracy, argues political scientist

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THE CONVERSATION

This article was originally published on The Conversation, an independent and nonprofit source of news, analysis and commentary from academic experts. Disclosure information is available on the original site.Over the past five years, ownership of oilsands production has become hyperconcentrated in four companies: Cenovus Energy, Canadian Natural Resources Limited , Imperial Oil Limited and Suncor Energy.

In the face of growing environmental concerns and regulatory requirements, some international companies have decided to exit the oilsands. Between 2016 and 2019, foreign oil companies Chevron, Shell, BP and Statoil sold their oilsands holdings. The numbers show that no province, other than perhaps New Brunswick with its dominant Irving family, comes near Alberta’s level of corporate fiscal dependency.

What is less understood is what this vast increase in revenue means for the Alberta treasury and, to a lesser extent, the federal government.Article content Alberta’s 2022 budget adopted a very conservative oil price estimate of US$70 per barrel, which deliberately understated the expected surplus. It estimated bitumen royalties would return $10.3 billion during the fiscal year.

The Big Four contribute about 20 per cent of Alberta’s total revenue. At US$100 per barrel, the Big Four contribute about 30 per cent of the province’s revenue and, at US$116 per barrel, the contribution exceeds 30 per cent. This gives these companies an enormous amount of control over Alberta’s finances and, by extension, politics.The Big Four’s political influence has most recently manifested in its dominant position in the Pathways Alliance.

 

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