The Canadian Taxpayers Federation is on a cross-country tour, stopping in Charlottetown recently with the message that Island taxpayers are paying for the fact that Canadian oil is sold for less than its full value due to a lack of pipeline capacity.
Canada isn’t getting full value for oil due to a lack of pipeline capacity to reach foreign customers. Based on data released by the Office of the Parliamentary Budget Officer, the CTF calculated how much additional revenue the federal government would receive if Canadian oil sales received full value to the American price.
The data indicates the lack of pipelines cost the federal government $6.2 billion between 2013 and 2018 and another $3.6 million per day (based on projected losses of $6.6 billion between 2019 and 2023).
The CTF says more than 25,000 new teaching positions in P.E.I. could be fully funded for 10 years and that all residents on the Island could be exempt from federal taxes for more than 13 years.
“The money Ottawa is losing by roadblocking these projects matters for Islanders because a great deal of that pays for important services in P.E.I.,’’ said Paige MacPherson, the CTF’s Atlantic director.
Revenues from Ottawa made up 39 per cent of P.E.I.’s total budget in 2018.