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Finance committee  Some quick numbers that we've calculated indicate that a loss of revenue for governments at all three levels, at a $40 U.S. differential, is about $17 billion to the Canadian economy. That's a loss of government revenues.

October 17th, 2018Committee meeting

Wesley Morningstar

Finance committee  A carbon border levy...?

October 17th, 2018Committee meeting

Wesley Morningstar

Finance committee  Yes, certainly in jurisdictions where other competing entities do not have to pay that carbon levy, yes, we would support that, for sure.

October 17th, 2018Committee meeting

Wesley Morningstar

Finance committee  I'd like to add one more point around the carbon tax. We heard this morning that the cost to a B.C. producer is about $100,000 to drill a well on the basis of the carbon tax. At the same time, we're importing natural gas from Marcellus in Pennsylvania. There's no carbon tax paid

October 17th, 2018Committee meeting

Wesley Morningstar

Finance committee  I would add that investors are typically looking for a stable economic environment in which to work. We're not here advocating for tax cuts particularly, but we're advocating for fair access to global markets, so that we can get away from one customer and get fair prices. When

October 17th, 2018Committee meeting

Wesley Morningstar

Finance committee  I don't have anything to offer on the tax side, but Ms. Rudd, I would just correct you. It's a $40-billion investment on the west coast, as opposed to $4 billion.

October 17th, 2018Committee meeting

Wesley Morningstar

Finance committee  Most of what I would have to add would be slightly anecdotal, admittedly. I was in New York at the end of June looking to raise capital and it was clear at that time that there was no capital to be raised for, one, a natural gas producer, or two, a western Canadian oil and gas pr

October 17th, 2018Committee meeting

Wesley Morningstar

Finance committee  Yes, definitely, at a time when we're seeing increasing demand. Oil demand in the world right now is 100 million barrels a day and it's expected to increase by 30%.

October 17th, 2018Committee meeting

Wesley Morningstar

Finance committee  Yes, and oftentimes we do confuse the issue by calling it the oil and gas business, and when people think of gas they think of gasoline. In our case we're natural gas producers. Natural gas producers represent about 12 Bcf of production here in western Canada. That puts us in Can

October 17th, 2018Committee meeting

Wesley Morningstar

Finance committee  Yes. I think the biggest issue for our membership continues to be around product egress: the ability for us to be able to sell our natural gas and oil at world prices. Recently, a barrel of oil in western Canada on the heavy side is traded at a discount as high as $50 compared

October 17th, 2018Committee meeting

Wesley Morningstar

Finance committee  Thank you, Mr. Chairman. Good morning, panel members. I'm here today representing the Explorers and Producers Association, otherwise known as EPAC. I am the chair of EPAC for 2018-19, which is a volunteer position. My day job is chief executive officer of Canlin Energy Corporat

October 17th, 2018Committee meeting

Wesley Morningstar