Leong: Royalty incentives for Alberta wellsite cleanup would do taxpayers dirty abpoli ableg
Before she re-entered the political arena, Smith championed the idea of government helping to offset the cost of remediating old and non-productive well sites passed down from transaction to transaction, owned by company after company as firms and sites were bought and sold over the decades.Sign up to receive daily headline news from the Calgary SUN, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
energy companies — especially smaller ones — were in fact victims because they were left holding the bag for problems“We can be mad ExxonMobil didn’t have a dedicated money pot to transfer along with the site to pay for the cleanup, but the government creates the policy. They weren’t asked to,” she wrote at the time.Article content
I would suggest, however, if an energy company acquires assets from another, costs associated with safely winding down sites should have figured as part of the transaction. If this is something a company fails to account for, why on Earth should taxpayers be asked to cover the difference?In a critical assessment of Smith’s remediation plan, the bank suggested Smith’s proposed well-cleanup plan could even end up doing harm to the oil and gas industry.
“Moreover, we also believe the program goes against the core capitalist principle that private companies should take full responsibility for liabilities they willingly accept.”Article content
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