Wednesday, 16 August 2017 14:04

Alberta Heritage Fund not what it could have been

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The history of the Alberta National Energy Program, as reported in the Alberta Views magazine — “The Alberta Disadvantage.”
The Alberta Heritage Fund and the Alaska Permanent Fund were created in 1976. Alaska by law must invest 25 per cent of all oil and gas sales into the fund, plus paying every citizen $2,000 a year.
Alberta commenced investing 30 per cent of all gas and oil sales into the fund from 1977-1981, then investment dropped to 15 per cent from 1981-1987, at which time investments ceased and all interest earned by the fund went into general revenues and was spent.
The value of the Alberta Heritage Fund as of 2015 was $17.4 billion. The value of the Alaska Permanent Fund as of 2015, $72.3 billion. Norway invests 100 per cent of all gas and oil revenues into their fund and as of 2015, it was $1.2 trillion.
Had Alberta collected a 30 per cent share of oil and gas sales since 1971 and invested half of those revenues into the Heritage Fund, today it would be $481 billion.
After 43 years of Conservative governments’ mismanagement, there is but one solution and that is to join all other provinces and introduce a provincial sales tax.
As Jim Prentice told Albertans the truth — “Look in the mirror.”
Mel Godlonton, Lethbridge, Alta.

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