B.C. budget reveals Lotto is safer bet than LNG

səl̓ílwətaʔɬ (Tsleil-Waututh), xʷməθkwəy̓əm (Musqueam), and Skwxwú7mesh (Squamish) territories (VANCOUVER, B.C.) –  Amidst a budget deficit, stretched personal pocketbooks, and job and spending cuts, the B.C. government has released its budget, and it is still betting big on LNG.

Canadian Oil and Gas Campaigns Director Sven Biggs said:

“This B.C. government is still betting big on an oversupplied LNG market, and the public is going to see very few of the benefits from these foreign-owned gas export facilities. The budget documents confirm that, for yet another year, the B.C. government will make more revenue from the B.C. Lottery Corporation, and the B.C. Liquor Distribution Branch, than they make in Natural Gas Royalties.”   

The Fiscal Plan reveals that Natural Gas Royalties amounted to just $942 million, while the B.C. Lottery Corporation, and the B.C. Liquor Distribution Branch reported $1.269 billion and $950 million in profit respectively. This is despite the LNG Canada terminal coming on line in 2025.

“Energy analysts have warned that LNG’s long term viability is in doubt due to growing concerns about a glut in the global market. Today’s budget reveals that B.C. taxpayers are still propping up this industry through low royalty rates, cheap access to other resources like water and electricity, and expensive new transmission lines, like the $6 billion North Coast Transmission Line. If oil and gas companies actually paid its fair share, taxpayers wouldn’t need to prop the industry up.”  [1][2]

Notes for editors:

[1] For more information about the global LNG market outlook see here.

[2] For more information about the North Coast Transmission Line see here

Contacts:
Sven Biggs, Oil and Gas Campaigns Director: Sven@stand.earth ; 778-992-8354 (PST)

General Media Queries:

Arin de Hoog: arin.dehoog@stand.earth, 613-978-7329 (EST)

Kathryn Semogas: kathryn.semogas@stand.earth,