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A Survey of Canadian Energy Policy: 1974-1983

Robert N. McRae

Year: 1985
Volume: Volume 6
Number: Number 4
DOI: 10.5547/ISSN0195-6574-EJ-Vol6-No4-5
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Canadian energy policies have been strongly influenced by external events. Like most other countries of the world, Canada adjusted its energy policies in reaction to the OPEC oil price shocks of 1973-1974 and 1979. Canadian energy policies also have been influenced by U.S. energy policies (through trade links) and by the dominant presence of many foreign-controlled multinational petroleum firms.

Oil Sands Royalties and Taxes in Alberta: An Assessment of Key Developments since the mid-1990s

Andre Plourde

Year: 2009
Volume: Volume 30
Number: Number 1
DOI: 10.5547/ISSN0195-6574-EJ-Vol30-No1-5
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This paper examines oil sands royalty and tax systems that have either been proposed or implemented since the mid-1990s. Simulation models of oil sands production projects are constructed and the distribution of ex ante economic rents for various assumed crude oil price paths is calculated. The results suggest that until 2007 changes in royalties and taxes had been favorable to producers. The pattern of estimated real internal rates of return obtained through the simulations supports this conclusion. The recommendations of the provincially appointed Royalty Review Panel were anchored in the view that Alberta�s oil sands industry had matured since the mid-1990s and that a distribution of ex ante rents more favorable to Albertans, as owners of the resource, was thus warranted. In contrast, the changes proposed by the Government of Alberta in 2007 would effectively return the distribution of ex ante rents to what prevailed a decade earlier. However, the role of royalties (as opposed to corporate income tax) as means of capturing rents for governments is more important under the proposals made in 2007.

A Resource Whose Time Has Come? The Alberta oil Sands as an Economic Resource

Frank. J. Atkins and Alan J. MacFadyen

Year: 2008
Volume: Volume 29
Number: Special Issue
DOI: 10.5547/ISSN0195-6574-EJ-Vol29-NoSI-6
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The Alberta oil sands, which comprise over 170 billion barrels of proven recoverable reserves, are a resource of an order of magnitude similar to many estimates of ultimate world conventional oil reserves. Campbell Watkins maintained a long-standing emphasis on the essential economic component of any meaningful definition of the world�s natural resources. The fact is that the Alberta oil sands have had a very shaky economic foundation until only recently. The intention of this paper is to examine this emerging resource from an economic perspective; one, it is hoped, similar to that which Watkins evinced, in order to fully assess the extent to which the Alberta oil sands may be regarded as being no different in any meaningful way from other oil resources.

The Impact of Stochastic Extraction Cost on the Value of an Exhaustible Resource: An Application to the Alberta Oil Sands

Abdullah Almansour and Margaret Insley

Year: 2016
Volume: Volume 37
Number: Number 2
DOI: 10.5547/01956574.37.2.aalm
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The optimal management of a non-renewable resource extraction project is studied when input and output prices follow correlated stochastic processes. The decision problem is specified by two Bellman equations describing the project when it is currently operating or mothballed. Solutions are determined numerically using the Least Squares Monte Carlo methodology. The analysis is applied to an oil sands project which uses natural gas during extracting and upgrading. The paper takes into account the co-movement between crude oil and natural gas prices and proposes two price models: one incorporates a long-run link between the two while the other has no such link. Incorporating a long-run relationship between oil and natural gas prices has a significant effect on the value of the project and its optimal operation and reduces the sensitivity of the project to the natural gas price process.

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