Oil subsidies explained

Oil subsidies explained I wish to thank Richard Corbet for his letter to the editor published on April 15. It asked me to clarify questions around oil and gas subsidies and how we can best shift the energy economy to renewables. For all of my sources, I

I wish to thank Richard Corbet for his letter to the editor published on April 15.

It asked me to clarify questions around oil and gas subsidies and how we can best shift the energy economy to renewables.

For all of my sources, I will quote the Canadian government.

Last year, the Canadian Department of Finance outlined our current oil and gas subsidies as tax incentives (accelerated capital cost allowance credits) and flow-through shares, which benefit investors.

In fact, in a memo, the deputy minister of Finance urged Jim Flaherty, the minister of finance, to remove these subsidies.

The deputy minister suggested removing the subsidies would make sense, “on both economic and environmental grounds.”

The recommendation to remove the subsidies “was supported by Minister Jim Prentice (then-minister of the environment) in his pre-budget 2010 letter.”

However, the Canadian government decided not to remove these oil and gas subsidies.

As Canada begins the move to renewable energy, removing oil and gas subsidies will help to level the energy playing field.

All four of the national political parties agree that we need to shift to a smart, clean energy economy.

How to get there?

The Conservatives, Liberals and NDP all propose a cap-and-trade system.

Many people don’t know how a cap-and-trade system will work.

Just ahead of the last election, Prime Minister Stephen Harper stated publicly that their cap and trade “will effectively establish a price on carbon of $65 a tonne.”

In other words, for the average Canadian, cap and trade will end up being a carbon tax. The three old parties don’t like to explain this very clearly to Canadians.

Another thing that isn’t explained well is that cap and trade will have lots of loopholes. A straight price on carbon would be better, more effective and more efficient.

The Green Party is not only proposing a carbon tax, but right within our budget we show that the money we raise will go straight back to Canadians: reducing our payroll taxes (for employees and employers), and income taxes for families and individuals.

As Canadians, we should be asking the other parties how they plan to offset the tax raised by their cap-and-trade systems. Or do they?

Several years ago, before I was a political candidate, I was asked to be the keynote speaker at the Northern Oil and Gas Best Practices Symposium.

I said then, as I do now, that energy efficiency is key, and that we would need to start accounting for the cost of emissions.

A direct price on carbon is preferable to a hidden/regulatory price on carbon. It will stimulate more creativity within industry and the marketplace.

Even though I was talking tough on the issue, following the talk, I was invited by both the industry and the Alberta government to work for them. I said no.

I would rather work for the Yukon. As our MP.

John Streicker

Green Party candidate


Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Yukonomist Keith Halliday
Yukonomist: Are they coming?

One of COVID-19’s big economic questions is whether it will prompt a… Continue reading

Yukon MP Larry Bagnell, along with Yukon health and education delegates, announce a new medical research initiative via a Zoom conference on Jan. 21. (Screen shot)
New medical research unit at Yukon University launched

The SPOR SUPPORT Unit will implement patient-first research practices

Yukon First Nation Education Directorate members Bill Bennett, community engagement coordinator and Mobile Therapeutic Unit team lead, left, and Katherine Alexander, director of policy and analytics, speak to the News about the Mobile Therapeutic Unit that will provide education and health support to students in the communities. (yfned.ca)
Mobile Therapeutic Unit will bring education, health support to Indigenous rural students

The mobile unit will begin travelling to communities in the coming weeks

Premier Sandy Silver, left, and Chief Medical Officer of Health Dr. Brendan Hanley, speak during a live stream in Whitehorse on January 20, about the new swish and gargle COVID-19 tests. (Crystal Schick/Yukon News)
Swish and spit COVID-19 test now available in Yukon

Vaccination efforts continue in Whitehorse and smaller communities in the territory

The Royal Canadian Mounted Police detachment in Faro photgraphed in 2016. Faro will receive a new RCMP detachment in 2022, replacing the decades-old building currently accommodating officers. (Joel Krahn/Yukon News file)
Faro RCMP tagged for new detachment

Faro will receive a new RCMP detachment in 2022, replacing the decades-old… Continue reading

In a Jan. 18 announcement, the Yukon government said the shingles vaccine is now being publicly funded for Yukoners between age 65 and 70, while the HPV vaccine program has been expanded to all Yukoners up to and including age 26. (1213rf.com)
Changes made to shingles, HPV vaccine programs

Pharmacists in the Yukon can now provide the shingles vaccine and the… Continue reading

Parking attendant Const. Ouellet puts a parking ticket on the windshield of a vehicle in downtown Whitehorse on Dec. 6, 2018. The City of Whitehorse is hoping to write of nearly $300,000 in outstanding fees, bylaw fines and court fees, $20,225 of which is attributed to parking fines issued to non-Yukon license plates. (Crystal Schick/Yukon News file)
City of Whitehorse could write off nearly $300,000

The City of Whitehorse could write off $294,345 in outstanding fees, bylaw… Continue reading

Grants available to address gender-based violence

Organizations could receive up to $200,000

In this illustration, artist-journalist Charles Fripp reveals the human side of tragedy on the Stikine trail to the Klondike in 1898. A man chases his partner around the tent with an axe, while a third man follows, attempting to intervene. (The Daily Graphic/July 27, 1898)
History Hunter: Charles Fripp — gold rush artist

The Alaskan coastal town of Wrangell was ill-equipped for the tide of… Continue reading

A man walks passed the polling place sign at city hall in Whitehorse on Oct. 18, 2018. While Whitehorse Mayor Dan Curtis is now setting his sights on the upcoming territorial election, other members of council are still pondering their election plans for the coming year. (Crystal Schick/Yukon News file)
Councillors undecided on election plans

Municipal vote set for Oct. 21

Whitehorse City Hall. (Joel Krahn/Yukon News file)
City hall, briefly

A look at decicions made by Whitehorse city council this week.

A file photo of grizzly bear along the highway outside Dawson City. Yukon conservation officers euthanized a grizzly bear Jan. 15 that was originally sighted near Braeburn. (Alistair Maitland/Yukon News file)
Male grizzly euthanized near Braeburn

Yukon conservation officers have euthanized a grizzly bear that was originally sighted… Continue reading

Most Read