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Statoil Company In Canada Essay

1048 words - 4 pages

Canada has lowered its overall taxes since the 1990’s from thirty six percent to thirty one percent placing them in the lower one-third section of the Organization for Economic Co-ooperative and Development convention. This means Canada has the means to become a very strong, independent and stabilized country but we do not intend to do so.
The thing that is scary is that not even the government tries to take in money to benefit themselves and not our nation. The government of Canada could easily make companies pay them plenty of money but chooses not to, which puzzles most people. The profits that the government makes off of oil are so miniscule. The Alberta Heritage Trust Fund was created with three objectives in mind, “To save for the future, to strengthen or diversify the economy, and to improve the quality of life of Albertans.”
(http://www.finance.alberta.ca/business/ahstf/history.html)
This trust fund is a great idea since it had a large steady income coming in from non-renewable resources. It helped not only Albertans but the nation as well by being able to lend other provinces money and providing health care services, parks, libraries and other public needed services. “In 1987, the transfer of natural resource royalty revenues to the Fund were stopped.” This meant that the fund no longer received income from oil revenue. The government was no longer able to use this fund for economic development or social investment. It focused on using the money for long-term investments but since the 1990’s no one has seen the advantages of these “investments” and only a stingy sixteen billion dollars has been pulled in which is insignificant compared to profits raked in by the big oil companies. Since Alberta no longer touches the trust fund it averages losing eleven million dollars a day making them very much in debt. So in a nutshell the oil industry used to widely benefit us as nation but now it does not help us out like it used to.
The issues with oil nowadays are it does not help us grow and develop as a nation, but rather break and disintegrate us. Canada’s natural resources benefit foreigners and not us as a nation, the fumes produced get released and it changes the environment around us. Foreign workers for foreign companies are actually taking the jobs that are so called being “produced for Canadians”. These issues are what make citizens question what the government is doing with their jobs, the nations resources and our lives.
Norway’s economy on the other hand is not as gloomy as Canada’s. The Norwegian economy is a developed mixed society with state-ownership in strategic areas of the economy.
“Although sensitive to global business cycles, the economy of Norway has shown robust growth since the start of the industrial era. Shipping has long been a support of Norway's export sector, but much of Norway's economic growth has been fueled by an abundance of natural resources, including petroleum exploration and production, hydroelectric...

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