Protecting the Investment
Government disengagement risks 3 billion capital investment, 20-30% of provincial revenues and 7% of national GDP
Edmonton–Three Fort McMurray-based organizations – the Fort McMurray Chamber of Commerce, the Fort McMurray Real Estate Board and UDI-Wood Buffalo – today released a comprehensive report that examines the persistent socio-economic impacts of rapid oil sands development that constrain provincial revenues, thwart the ability of Fort McMurray to continue to host the oil sands, and undermine responsible oil sands development.
“Albertans know how important the oil sands are to our economy,” said Nick Sanders, President of the Fort McMurray Chamber of Commerce. “Even during these uncertain times, oil sands royalties alone account for 20 to 30 percent of government revenues. But oil sands development is not an abstract economic pursuit that occurs only in Alberta’s hinterlands. There are 80,000 residents of Fort McMurray for whom that development is on their doorstep and on whom orderly, responsible development relies.
“Because the Province does not have a coordinated approach to oil sands development – notwithstanding important macro-studies underway to review the royalty structure, develop a climate change strategy, review capital infrastructure planning, and the announcement of a new Premier’s Advisory Committee on the Economy – the government is risking its own considerable investment of our tax dollars and the ongoing prosperity of all Albertans,” continued Sanders. “The newly elected New Democratic government has an opportunity not seen in a decade, when oil sands production has nearly doubled, to ensure that it gets its full responsibilities with respect to oil sands development right.”
The report released today provides a blueprint for cross-government collaboration to mitigate the socio-economic impacts of oil sands development that will help ensure responsible development continues to benefit all Albertans.”
WHAT: Protecting the Investment in Our Future report release
WHERE: World Trade Centre Edmonton
Sixth Floor, 9990 Jasper Avenue
Edmonton, AB
WHEN: 10:00 a.m., Monday, October 26
The report makes 69 recommendations to address persistently vexatious socio-economic irritants that reduce profits, government revenues and municipal sustainability, examples of which are provided in the Backgrounder.
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For more information, contact:
Mike Evans
Cell: (780) 425-4484
E-mail: dmenigma@shaw.ca