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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - May 26, 1972, Lethbridge, Alberta SUNNY Forecast Saturday 70-75. VOlTTxV No. 1411 The Lcthbritific Herald ALBKIITA, FRIDAY, HAY 26, 1972 PRICE NOT OVER 10 CENTS TWO SECTIONS -24 PAGES By WALTER KHEVENCHUK EDMONTON (CP) Indications are that the pe- induslry has struck out in attempt to block ic Alberta government's plan to pump another S50 ullion to minion in revenue out of the industry. During three days of public hearings before a com- of the legislature, the induslry claimed the pro- osal to lax crude oil reserves would cripple the oil 'diistry am! hobble the provincial economy. But even before the hearings ended Thursday, gov- niincnt spokesmen said the objections had a fa- aihar ring. Back in 1951, said Don Gcfty, minister of federal ind inlcr-govcrnmcntal affairs, the industry claimed In- Teased royalties would shake investor confidence, re- luce exploration and cause unemployment. Bill Dickie, minister of mines and minerals, said he same objections were raised to a royalty increase n 1902. -ie arguments are being used today in an mtomatic Kind of Mr. Getty said. DecMe m July Jlr. Dickie said the next stage in the governmenl- ndustry confrontation is aji assessment and evaluation if Ihe hearings, a final government decision due iuly 30. He told a news conference he anticipates further neetings with industry representatives, particularly the Petroleum Association and the Independent 'etrolcum Association of Canada. Amendments In Ihe .Mineral Taxation Act which rill moke the reserve lax possible now are before the pgislalure and Mr. Dickie said the government, intends a proceed with Ihe legislation during the current ses- iion. Target date for implementation of. the new tax s Jan. 1, 1973. The province's Progressive Conservative govern- ment proposes to tax the right lo all minerals in the irovince, circumventing a statutory ceiling on exist- ng royalties, many in effect until the early 1980s. Royalties in the province now range from eight n per cent, depending on the production of an jil well. blow coming? The Conservatives, win hold 49 seats in the 75- ;eal legislature, may deal the industry another tax blow ater this year when they review tax structures apply- ng to natural gas, the Athabasca oil sands and coal. During the hearings, the oil industry argued it al- ready is providing a fair share of government revenues -S260 million in royalties, cash bonuses and rentals in 1972. On the other side were critics who said the in- iustry. with combined profits forecast at an estimated f653.5 million in 1972. could easily to BOO million a year. The industry position was summed up hy tPAC,